Bank arranges $395mn university financing deal

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CONSTRUCTION FINANCE: A deal has been signed to finance the construction of Zayed University's campus. (Getty Images - for illustrative purposes only)

Abu Dhabi Islamic Bank (ADIB) has confirmed a 1.45 billion dirham ($395 million) financing deal for a joint venture to support the development and expansion of Zayed University's campus in the UAE capital.

The agreement for contractors Al Habtoor Engineering Enterprises Company and Murray & Roberts Contractors (Abu Dhabi) was signed on Tuesday.

The development, which is being overseen by Mubadala, is expected to be completed by the end of 2011.

It has a capital expenditure of about three billion dirhams and Cansult Maunsell is the appointed engineering and design services firm for the project.

Tirad Mahmood, CEO of the bank, said: "This is a sizeable agreement and we're delighted that our participation will support the ongoing improvements to our national educational facilities.

"Education is a key area of ADIB's corporate responsibility focus and so this deal allows us to blend an investment opportunity with a direct wider benefit to the local community."

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