ADIB to fund $100m NPCC barge

Abu Dhabi Islamic Bank (ADIB) said on Sunday it was providing $100 million in funding to National Petroleum Construction Company (NPCC), for the construction of a new barge.

NPCC, 70 per cent owned by Abu Dhabi government's General Holding Corporation (GHC), is tapping Islamic financing for the first time, it said in a statement.

"This is our first touch with Islamic finance. We are keen to explore this avenue further in future opportunities of this nature," said Aqeel Madhi, CEO of NPCC.

Waha Capital advised NPCC on the deal.

NPCC provides engineering, procurement and construction services locally and internationally to the oil and gas industry.

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