We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 13 Jan 2009 01:31 PM

Font Size

- Aa +

Bank arranges $395mn university financing deal

Abu Dhabi Islamic Bank confirms agreement for Zayed University campus plan.

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."

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.