ADIB Finances DAFZA's Expansion with AED 500million
Dubai, UAE, March 6, 2013. Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic Finance institution, announced today that it had signed an agreement to provide financing facilities for AED 500 million to Dubai Airport Freezone (DAFZA). The financing will be used to expand DAFZA's food court and key office buildings 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.
In addition to the finance facility, ADIB will open its first Freezone office in DAFZA to provide Shari'a compliant financial solutions to DAFZA's employees and tenants.
Commenting on the partnership, Tirad Al-Mahmoud said: "The Dubai Freezone area has made significant efforts in promoting Dubai and the UAE to the international business communities, we are pleased to provide them with customized 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."
"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 Maktoom 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," commented Dr. Al Zarooni.
About Dubai Airport Freezone (DAFZA)
Established in 1996 as a part of the Dubai Government's strategic plan to be an investment driven economy, DAFZA is one of the fastest growing premium free zones in the region. The free zone is currently home to over 1,600 companies from various industry sectors, including aviation, freight and logistics, IT and telecommunications, pharmaceuticals, engineering, food & beverage, jewelry and cosmetics. Located strategically within the boundaries of Dubai International Airport, DAFZA offers a range of modern facilities with a state-of-the-art infrastructure.
International investors can enjoy dynamic growth through DAFZA's excellent incentive packages including 100 per cent tax exemption, 100 per cent foreign ownership and no currency restrictions. Situated at the crossroads of Europe, Asia and Africa, DAFZA is a gateway providing access to over 2.5 billion consumers.
In 2012, DAFZA was name Number One Free Zone in the World by Foreign Direct Investment (fDi) magazine, moving up from second place in 2011. Previous accolades with fDi include number one Middle East free zone of the Future and number one free zone in the UAE and in the Middle East, in its 2011/12 rankings. DAFZA's commitment to quality is recognized by worldwide ISO certificates for Quality, Environment, Health & Safety and Information Security Management System, as well as Complaints Handling System. In 2010, DAFZA won the Dubai Quality Appreciation Programme award in the service category and in 2012 it was named Best free zone in the world by fDi.
Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan on 18th April 1999.
ADIB's vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community.
The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles.
ADIB's core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari'a inspired. It brings to its customers banking as it should be.
1. Sheikh Khalifa Excellence Award - Gold category - in 2012.
2. Best Islamic Bank in the UAE by Global Finance in 2012 for three consecutive years.
3. "Best Overall Bank in the UAE in customer service" in 2012) by Ethos Consultancy
4. "Best Call center Award in the UAE" for 2012 by Ethos Consultancy for two consecutive years.
5. Best Branch Award in the UAE by Ethos Consultancy for 2012 for two consecutive years
6. Best Islamic Bank in the UAE by EMEA Finance magazine for 2012
7. Best Islamic Bank in the UAE by Islamic Finance News magazine for 2012
8. Best Islamic Bond by International Financing Review for 2012
9. Best Co-branded card and best covered card by Banker Middle East for 2012
10. Best Islamic card and best co-branded card by Smart Card Middle East for 2012
11. Human Resource Development award by Emirates Banking Institute and Finance for 2012
12. Best Islamic Investment strategist of the year by Islamic Finance News for 2012
13. Excellence in Islamic Banking Award by the International Alternative Investment Review for 2012
14. Best Islamic Retail Bank by Islamic Finance News for 2012
15. Best Corporate deal of the year by Islamic Finance News for 2012
16. Best Mudarabah Deal of the year by Islamic Finance News for 2012
17. Best Syndicated deal of the year by Islamic Finance News for 2012
18. Best UAE deal of the year by Islamic Finance News for 2012