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ADCorp concludes fundraising of over $100 million in capital

The funds are being deployed in order to finance companies with solid business plans and exceptional potential for growth

Gulf News

Dubai:

Abu Dhabi Financial Group (ADFG) said that ADCorp, the first Islamic financial institution based in the Abu Dhabi Global Market (ADGM), said it has concluded its fund-raising and deployed a significant portion of its total capital of over $100 million (Dh367 million).

The funds are being deployed in order to finance companies with solid business plans and exceptional potential for growth, the ADFG said in an emailed statement.

“ADCorp is fulfilling this vision by serving a specialised market of companies that require funding in order to further grow their businesses. We are extremely pleased with our solid and active capital base and expect ADCorp to achieve profitability over the next twelve months and to also distribute dividends to our shareholders,” Jasem Al Seddiqi, CEO of ADFG and Executive Chairman of ADCorp said in a statement.

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