UAE-based Abu Dhabi Islamic Bank (Adib) has finalised a Dh1-billion ($272 million) financing facility to Baniyas Investment & Development Company (BIDC) to refinance the latter's construction projects in the UAE capital.

The transaction is to refinance the existing conventional financing of BIDC, the investment arm of Bani Yas Sports Club, that was secured against the construction of Bawabat Al Sharq Mall, as well as part of the residential apartments and villas that were constructed in Phase One of BIDC’s Bawabat Al Sharq Development in Abu Dhabi.

The agreement was signed at Adib’s headquarters by Arif Usmani, global head of Wholesale Banking at Adib and, Subhi Benkhadra, CEO of BIDC.

“This facility demonstrates Adib’s growing ability to finance large-scale projects which play a major role in the economic development of the UAE. The deal is one of many we have closed this year that are directly related to the expansion and development of Abu Dhabi. We expect this part of our business to continue to grow significantly,” said Usmani.

“Adib’s track record of financing local and regional corporates is helping us to extend our reach both in the UAE and beyond.”

Benkhadra said: “We are very pleased to partner with Adib, whose innovative structuring and execution expertise has facilitated the special financing needs of BIDC. Their efforts proved that Adib is the ideal partner for us and we look forward to building on our relationship with them to support BIDC in the future.”

Bawabat Al Sharq is a mixed-use community development which represents the first of several pioneering projects by Baniyas Investment and Development Company. – TradeArabia News Service