12 November 2007
Sea-Trade 2007 Awards Abu Dhabi Commercial Bank
Abu Dhabi, 12th November 2007: Abu Dhabi Commercial Bank has won the 2007 Sea-Trade Middle East and Indian Subcontinent award for "Ship Finance" award in a ceremony held at Dubai recently.
"In recognition of the vital role shipping and allied activities play in the development of the Middle East economy and in line with the UAE efforts for planning ahead for this important sector, we in ADCB, as a leading national bank, pay focused attention to the regional maritime industry through our Business Banking Division" said Sarie Arar, ADCB's Business Banking Group Head.
"This award is a testimony to ADCB's contribution to the regional maritime industry, especially in the area of ship financing. We have on our books approved Term Finance exceeding USD 400 Million towards new-builds of product tankers for internationally reputed constituents providing them with much needed term/working capital finance enabling regular production of Work-boats, Crew boats, Tug boats, Pilot vessels…. etc." Arar added.
Shafqat Rana, Regional Head Business Banking commented: 'we have a well structured ship finance scheme catering to healthy development of the region's shipping industry. Proposals are evaluated keeping in view best industry practices, current market conditions and industry forecasts by the reputable industry-publications and experts'.
In the area of Port Development also ADCB made significant contribution as the sole lender for Khorfakan port and the container terminal expansion project of Dept of Seaports and Customs Sharjah.
"Our active involvement in the Maritime support services like Marine/navigational Electronics, Freight forwarding, and ware housing, logistic services supplements our end-to-end financial support to the Shipping industry", concluded Rana.
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