Abu Dhabi Islamic Bank (Adib) has acted as mandated lead arranger for the $32 million (Dh117.44 million) structured Ijara facility to fund the acquisition of up to six Offshore Supply Vessels (OSVs) for Waha Offshore Marine Services (WOMS), the marine chartering and operations arm of Waha Maritime.
The financing represents an important milestone for Waha Maritime in its expansion in the Offshore Supply Vessel (OSV) sector.
Waha Maritime is a subsidiary of Waha Capital, one of the Middle East’s leading diversified investment holding companies.
The facility will allow Waha Maritime to strategically expand in its business sector. One of the unique features of this deal is ADIB’s ability to structure a Shari’a compliant junior finance with limited recourse through a unique Shari’a compliant Ijara structure with a combination of base profit rate and equity upside. This provides a facility tailored to meet Waha Maritime’s business requirements and growth aspirations.
Nuhad Saliba, Global Head of Wholesale banking, said, “Our partnership with Waha Maritime builds on our expertise and vision to expand the strategic UAE oil and gas sector. Waha Capital is a major investment conglomerate focused on strategic sectors of the UAE economy namely aviation, maritime, real estate and financial services. Waha’s expansion in the offshore supply vessels’ industry bodes well for the growth and development of the UAE economy.”