Abu Dhabi Islamic Bank (ADIB), has granted a AED450 million Islamic finance facilities to Al-Dhafra Cooperative Society to fund working capital and capital expenditure.
The agreement was signed at ADIB’s head office by ADIB CEO Tirad Al-Mahmoud and Mohammed Khalifa Al-Hamli, chairman of Al-Dhafra Cooperative Society, in the presence of Mohammed Al-Fahim, head of government and public sector, and Al-Dhafra CEO Saif Al-Hamli.
Al-Mahmoud said: “Through this financing facility ADIB is supporting the economy and the interests of UAE nationals in the Western Region. This is in line with the vision of the Abu Dhabi government, which has reiterated its commitment to the Western Region by announcing major investments and projects worth over AED40 billion.
ADIB’s financial strength has allowed the bank to grow our UAE-based financing portfolio over the last couple of years and we intend to accelerate this growth in 2014.”
The financing facility will help Al-Dhafra Cooperative Society implement a number of important projects to boost economic and social development, in line with the Abu Dhabi government’s Western Region 2030 Strategy.
Al-Hamli said: “We value our partnership with ADIB, which is helping Al-Dhafra Cooperative Society to implement the economic development strategy of the Western Region Development Council.
He added: “The choice of Abu Dhabi Islamic Bank to finance the activities of Al-Dhafra cooperative society is a testament to the strength the bank has demonstrated in supporting government institutions and the expansion that Al-Dhafra is looking to achieve in the Western Region.”