Dubai Airport Freezone secures Dh500m financing

Money will be used to fund the ongoing DAFZA expansion.
Dubai Airport Freezone secures Dh500m financing
Published: 7 March 2013 - 4:34 a.m.
By: Robeel Haq

Abu Dhabi Islamic Bank (ADIB) announced that it had signed an agreement to provide financing facilities of Dh500 million to Dubai Airport Freezone (DAFZA).

The financing will be used to expand DAFZA’s key offices buildings, business centre and food court which are due to be completed in 2015.

The agreement was signed at DAFZA’s headquarters by Dr. Mohammed Al Zarooni, Director General of DAFZA and Tirad Al- Mahmoud, CEO of ADIB.

Tirad Al-Mahmoud said: “The Dubai Airport Freezone has made significant efforts in promoting Dubai and the UAE to the international business communities; we are pleased to provide them with customised Islamic financial solutions that will help them achieve their expansion objectives. This transaction reaffirms our commitment to the growth and development of the UAE and it confirms our world-class Corporate Finance and Investment Banking capabilities.”

While Dr. Al Zarooni added: “We are delighted to finance our expansion projects in an Islamic way which is in line with our commitment to support HH Sheikh Mohammed Bin Rashed Al Maktoum initiative to make Dubai the Global Capital of Islamic economy. The financial facility provided by ADIB would contribute to the implementation of a number of important projects that play an effective role in providing excellent service to our tenants.”
 


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