Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, has signed an agreement with the UAE-based Zakher Marine International to arrange a $420 million financing facility for its new shipbuilding programme.

The programme includes 15 vessels and three self-elevating accommodation barges through QMS Holding, one of Zakher Marine’s group companies.

ADIB was the sole book-runner and initial mandated lead arranger. The deal was two times oversubscribed by banks including ADCB, Al-Hilal Bank, MashreqBank, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank.

Abu Dhabi-headquartered Zakher Marine provides services to the offshore oil and gas industries and offshore marine construction companies and currently owns and operates over 35 offshore support vessels in addition to managing and operating 10 vessels including providing accommodation barges support services.

Arif Usmani, ‎global head of Wholesale Banking at ADIB said: "ADIB has a strong track record in providing marine financing facility. The facility structure was carefully designed to meet Zakher’s financing needs and has received significant interest by the regional banking market. We are stepping up our corporate financing activity, with a particular focus on growing companies like Zakher Marine that are playing a positive role in the UAE’s economic development."

Musadaq Yacoub, CEO of Zakher Marine said: “We remain committed to the UAE market and this facility will allow us to bring technologically advanced and larger size vessels to Abu Dhabi, the regional and international markets which will maximize service efficiency and effectiveness for the offshore oil services industry, something we believe is key for the company to remain competitive and meet the needs of its clients."

Ramzi Al-Sewaidi, manager of Strategic Projects at Zakher Marine said: “The facility is well structured to meet the company's future business requirements while being flexible at the same time to allow the company to remain competitive during its upcoming growth period. The financing that we were seeking was well supported by the banks we approached, and we are particularly grateful to ADIB for their efficient response and professionalism."