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Wed 10 Mar 2010 03:15 AM

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ADIB provides $81m finance facility to Al Dhafra Society

Agreement to contribute to the implmentation of a number of important projects.

Abu Dhabi Islamic Bank announced on Tuesday that it would provide a $81.6 million Islamic finance facility to Al Dharfa Cooperative Society to fund working capital and capital expenditures.

Al Dharfa Cooperative Society is owned by a group of more than 1,500 UAE nationals, who are mainly residents of the western region of the country.

Tirad Mahmoud, CEO, ADIB, said: “Supporting the interests of UAE nationals is one of our key mandates in the western region. We are aggressively pursuing such opportunities that are completely aligned with the vision of the Abu Dhabi government, which reiterated its commitment to the region by announcing major investments and projects worth over $10.8 billion.”

Mahmoud added: “ADIB is highly liquid, with the customer financing to deposits ratio strengthening to 83.9%, augmenting our capacity to finance diverse projects and aid the UAE’s economic growth.”

The agreement was signed by Mahmoud and Mohammed Khalifa Al Hamli, a member of the board of directors of Al Dharfa.

Speaking after the signing, Al Hamli said that the Society was committed to supporting the development of the western region, in addition to providing programs and plans that benefit the residents of the region and evaluate the level of services provided to them.

He added that the financial facilities given to the society by ADIB would contribute effectively to the implementation of a number of important projects that would play an effective role in boosting the development process.

Al Hamli said that the society’s board of directors had ambitious plans to implement various projects in the region that are consistent with the Western Region 2030 Strategy.

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