ADCB approves Gulf Capital financing

Abu Dhabi Commercial Bank (ADCB) has approved a medium term revolving facility of AED800 million (US$218m) to Gulf Capital, to help fund its growing pipeline of private equity transactions.

Eirvin Knox, CEO of ADCB, said: "The bank bagged the transaction amidst competition from multinational banks."

Knox added that ADCB has enjoyed a strong relationship with Gulf Capital since the firm's inception two years ago.

Ala'a Erqiqat, deputy CEO of ADCB, said: "We are pleased to be part of this bilateral deal, as there have not been many deals of this nature concluded in the UAE market before."

Gulf Capital is focused on acquiring strategic and minority stakes in highly profitable and rapidly growing companies in specific industries in the GCC region.

Its portfolio investments include Metito, Maritime Industrial Services, Gulf Marine Services and Depa United.

Gulf Capital was established with a capital base of AED 1.225 bn (US$330m) from more than 250 institutional and individual investors in the Gulf.

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