ADIB arranges $420m financing for Zakher Marine

Abu Dhabi Islamic Bank (ADIB), an Islamic financial services institution, has signed an agreement with Zakher Marine International o arrange a $420 million (Dh1.55 billion) financing for its new ship-building programme including 15 vessels and 3 self-elevating accommodation barges through one of its group companies (QMS Holding Ltd).

ADIB was the sole book-runner and initial mandated lead Arranger. The deal was two times oversubscribed by banks which include Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank.

Zakher Marine International, which was established in Abu Dhabi in 1984, provides services to the offshore oil and gas industries and offshore marine construction companies and currently owns and operates over 35 offshore support vessels in addition to managing and operating 10 vessels including providing accommodation barges support services.

Arif Usmani, Global Head of Wholesale Banking at ADIB said: “The facility structure was carefully designed to meet Zakher’s financing needs and has received significant interest by the regional banking market. We are stepping up our corporate financing activity, with a particular focus on growing companies like Zakher Marine that are playing a positive role in the UAE’s economic development."

In the last two years, ADIB through its specialized finance unit, has structured and arranged various  syndicated facilities for shipping / offshore clients across various sectors ranging from tankers to offshore supply and specialist subsea construction vessels. Other landmark marine transactions include GMS, NPCC, Maridive and Akron.

Follow Emirates 24|7 on Google News.