ADIB provides Dh200m finance facility to ICT

Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has announced that it has arranged a fin-ance facility of more than Dh200 million for International Capital Trading (ICT) to finance one of its real estate projects.

The agreement was signed at ICT head office in Abu Dhabi by Hamad Abdullah Al Shamsi, Chief Executive Officer of ICT, and Nuhad Saliba, General Manager Wholesale and International at ADIB, in the presence of senior executives from both parties.

Saliba commented on the agreement: "Our cooperation with ICT is in line with our vision to support development projects in the UAE. ICT is a leader in the Abu Dhabi property sector and is well known for real estate investment and development projects in the UAE. We are pleased to support their financing needs, as well as other private sector companies.

Growth

"ADIB has shown remarkable growth in financing such big-ticket investments and has played a central role in project finance in the UAE. We remain liquid and well capitalised, and our capacity for project finance is excellent. We will continue to play a leading role in bringing back business confidence and in supporting economic growth."

Al Shamsi said: "We welcome the efforts of ADIB to provide innovative and customised financing structures to meet our requirements. We are committed to playing an integral part in the social and economic development of Abu Dhabi. I would like to congratulate the ADIB team in making this deal a reality."

ICT is a private investment company based in Abu Dhabi. Its business activities include owning, developing and managing real estate as well as investing in a wide range of asset classes, ranging from equities to direct investments and real estate.