Dubai Airport Freezone expansion to finish in 2015
$136m finance secured from Abu Dhabi Islamic Bank to fund works
Dubai Airport Freezone (DAFZA) has secured $136m (AED500m) worth of financing options from Abu Dhabi Islamic Bank (ADIB) to help expand its key offices buildings, business centre and food court.
The expansion project is due for completion in 2015, and the agreement was signed at DAFZA's headquarters by Dr Mohammed Al Zarooni, director general of DAFZA and Tirad- Al Mahmoud, CEO of ADIB.
Commenting on the partnership, Tirad 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 customized Islamic financial solutions that will help them achieve their expansion objectives. This transaction reaffirms our commitment to the growth and development of the UAE and it confirms our world-class corporate finance and investment banking capabilities."
"We are delighted to finance our expansion projects in an Islamic way which is in line with our commitment to support HH Sheikh Mohammed Bin Rashed Al Maktoum initiative to make Dubai the Global Capital of Islamic economy. 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," commented Dr. Al Zarooni.