Adib arranges Dh300m for Al Dhafra

Abu Dhabi Islamic Bank (Adib) will provide Dh300 million Islamic finance facility to Al Dhafra Co-operative Society to fund working capital and capital expenditures.

The pact was signed by Tirad Mahmoud, CEO of Adib, and Mohammed Khalifa Al Hamli, Member of the Board of Directors of Al Dhafra Cooperative Society.

Mahmoud said: "We are aggressively pursuing such opportunities that are completely aligned with the vision of the Abu Dhabi Government.

"We have grown our UAE-based financing portfolio over the past couple of years and intend to accelerate its growth in 2010," he said.

Al Hamli said the facilities given to the society by Adib would contribute effectively to the implementation of a number of important projects.

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