By Andy Sambidge
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."