Adib to finance $130million Sudan project

Abu Dhabi Islamic Bank (Adib), one of the region's leading Islamic banks, has announced the financial closure of a bridge facility for the construction of a cement manufacturing unit in Sudan.

The six-month facility will be taken out by a $130 million (Dh481m) medium-term facility, the terms of which are currently being finalised, and has been arranged on a club basis together with Bank Audi Sal – Audi Saradar Group of Lebanon.

Al Takamul is the cement manufacturing arm of ASEC Cement Holding of Egypt, a growing cement production group in the Middle East and Africa created by Citadel Capital and a group of regional co-investors. "Adib has a proven track record in providing finance for basic industries. Our ability to structure Shariah compliant financing deals with other banking partners, and our commitment to facilitating regional development, is attractive to corporate customers looking for a partner," said Adib CEO Tirad Mahmoud.

The cement manufacturing unit is to launch by the last quarter of 2009 and will have a production capability of 1.5 million tones per annum.

Meanwhile, Abdullah Al Ebiary, Managing Director of Citadel Capital, based in Egypt, said: "Adib has provided us with top-class service throughout our transaction and discussions."