By Andy Sambidge
Airport freezone signs agreement with Abu Dhabi Islamic Bank to fund expansion plans
Abu Dhabi Islamic Bank (ADIB) has announced that it has signed an agreement to provide AED500m ($136m) worth of financing facilities to Dubai Airport Freezone (DAFZA).
The funds will be used to expand DAFZA's key offices buildings, business centre and food court which are due to be completed in 2015.
The agreement was signed at DAFZA's headquarters by Dr Mohammed Al Zarooni, director general of DAFZA, and Tirad Al Mahmoud, CEO of ADIB.
Al Mahmoud said: "The Dubai Airport Freezone has made significant efforts in promoting Dubai and the UAE to the international business communities, we are pleased to provide them with customised Islamic financial solutions that will help them achieve their expansion objectives."
Al Zarooni added: "We are delighted to finance our expansion projects in an Islamic way... The financial facility provided by ADIB would contribute to the implementation of a number of important projects that play an effective role in providing excellent service to our tenants."
Dubai Airport Freezone (DAFZA) reported record growth in trade volume throughout 2012 with an increase of AED69bn, a 73 percent increase on 2011.
Sales revenue also witnessed growth of 26 percent compared to the previous year, officials said in January.
International firms registered in the Freezone collectively grown the value of their exported and imported goods by AED164bn in 2012.
The total number of firms operating in DAFZA currently stands at more than 1,600.