ADIB provides Dh1b finance facility to Baniyas Investment & Development Company

ABU DHABI: Abu Dhabi Islamic Bank, ADIB, Islamic financial services group, has finalised a Dh1 billion finance facility to Baniyas Investment and Development Company, BIDC, the investment arm of Bani Yas Sports Club.

The transaction is to refinance BIDC’s existing conventional financing 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 1 of BIDC’s Bawabat Al Sharq Development in Abu Dhabi.