Manazel lands $163m in funding from ADIB
Islamic bank backs developer of mid-income residential projects
Abu Dhabi Islamic Bank (ADIB) has announced that it is providing a AED600m ($163.3m) financing facility to Manazel Real Estate.
The financing will fund the Abu Dhabi-based company's financial obligations and capital expenditure, a statement said.
The firm which develops mainly mid-income residential projects in Abu Dhabi has a few projects in Dubai and one in Jordan.
Manazel Real Estate said it "highly recognises and appreciates" ADIB's continuous support to real estate developers in Abu Dhabi.
The bank has grown its UAE-based financing portfolio over the last couple of years and intends to accelerate this portfolio in the coming year by strengthening its relationships with corporate clients from all sectors, the statement added.
Manazel's assets totalled AED5.1bn ($1.39bn) at the end of 2011 with the firm completing 80 percent of its projects.
Projects include the second phase of its "9712 Capital" complex with 1,000 residential units and the Amman Gardens project with 1,500 units for delivery in 2013.