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The project is being developed under the auspices of the Higher Corporation of Specialized Economic Zones (ZonesCorp), of Abu Dhabi Government.
The deal, which will be repaid over a period of eight and half years (on door-to-door basis) was arranged applying a combination of conventional and Islamic financing. Finance House and ADIB acted as the Mandated Lead Arrangers. Additionally Finance House acted as Facility and Security Agent for the transactions.
Each accommodation is expected to provide residential facilities to 7250 workers of various categories and will have all facilities like mosques, shops, central kitchen, dinning rooms, entertainment area, etc. The construction is expected to be completed by March 2009.
'We are pleased to have secured our Long Term financing requirements through these two leading financial institutions, with a perfect blend of both Islamic and Conventional funding,' said Obaid Saif Obaid Al Khameeri, Chairman of Sawaeed Investment and CEO of Sawaeed Employment.
'We are also very pleased to have arranged this financing thru our continuing partnership with Abu Dhabi Islamic Bank. Financing of this key project opens out new vistas for future collaboration between two fine/premier financial institutions,' said Mohammed Abdulla Alqubaisi, Chairman of Finance House.
'ADIB is pleased to have structured this transaction in association with Finance House and we believe this kind of financing partnership will open the door to further joint arrangements between conventional & Islamic Institutions', said Tirad Mahmoud, CEO of ADIB.
'Structuring of this financing package by Finance House involving Equity, Mezzanine Debt and Senior Debt with the assistance of Abu Dhabi Islamic Bank has been a challenging task and could become a landmark deal for future project financing,' said Hamid Taylor, General Manager of Finance House.
Finance House and Abu Dhabi Islamic Bank jointly arrange financing of labour camp facilities
Finance House PJSC and Abu Dhabi Islamic Bank PJSC (ADIB) have announced a joint financing deal worth Dhs127.8m with Sawaeed Investment LLC and Mountain Gate Property Investment LLC to finance construction and commissioning of workers accommodation in the 'Workers Residential City' Mafraq.
- United Arab Emirates: Saturday, June 28 - 2008 at 17:00
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About Finance HouseFinance House PJSC is an Abu Dhabi headquartered finance company that was established three years ago. The principal activities of the company are commercial and retail financing, financial services and investments. The Company is licensed and regulated by the Central Bank of the UAE. The major shareholders of Finance House include, The National Investor (TNI), a number of prominent UAE businessmen, high net worth individuals and dignitaries. In a short span since inception, Finance House has introduced a number of innovative products and services for the consumer and commercial segments such as Credit Cards, Auto Finance, Home Finance, Executive Credit Line, Project Finance, Mezzanine Finance, Real Estate Finance, Trade Finance (L/Cs, L/Gs), Capital Market Finance (IPOs) & Corporate Deposits - to name a few. Several new out-of-the-box product initiatives both in the consumer and commercial segments are slated for launch in the near future.
For further information, please contact:
Maha Al Jamal, Sr.
Marketing Manager, Finance House
T: +971 2 6194892
About Sawaeed Investment LLC
Sawaeed Investment LLC is subsidiary of Sawaeed Employment, a major man power supply company in the UAE. Sawaeed Investment was formed by Sawaeed Employment LLC and Finance House, for the purpose of execution of the Construction Workers Residential Complex Project at Al Mafraq. The Chairman of Sawaeed Investment LLC is Mr. Obaid Saif Obaid Al Khameeri. For further information please visit web site: www.sawaeed.ae
Contact:
Mr. Balaji Keshav Mahashabde
Commercial Manager,
971 2 4444 610
About ADIB
Abu Dhabi Islamic Bank (ADIB) was established in 1997 as a Public Joint Stock Company following the Amiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998 to handle all contracts, operations and transactions in accordance with Islamic Sharia'a principles. The bank has now more than 45 branches and 114 ATMs distributed all around the Emirates. The bank's mission is to provide Islamic solutions to the global community by operating in accordance to Sharia'a principles and focusing on customer needs, while maximizing investors and shareholders' returns.
For further information, please contact:
Lamia Hariz
Webershandwick-Mena
02- 4494405
About Mountain Gate Property Investment
Mountain Gate Property Investment LLC is a subsidiary of United International Group LLC, a major man power supply company in the UAE. Mountain Gate Property Investment was formed by United International Group LLC and Finance House, for the purpose of execution of the Construction Workers Residential Complex Project at Al Mafraq. The Chairman of Mountain Gate is Mr. Obaid Saif Obaid Al Khameeri.
For further information please contact:
Mr. Balaji Keshav Mahashabde
Commercial Manager
971 2 4482724
Posted by Medilyn Manibo, Assistant News EditorSaturday, June 28 - 2008 at 17:00 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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