ADCB Signs Major Mudaraba Facility with Dubai Silicon Oasis

23 August 2009

Abu Dhabi, 23 August, 2009: Abu Dhabi Commercial Bank has approved a Mudaraba Medium Term Facility worth AED300 million for the developer of the region's premier integrated innovations hub for high-tech industries, Dubai Silicon Oasis (DSO). The funds will be used by Dubai Silicon Oasis Authority (DSOA) to part finance the development of facilities within the technology park.

"This is yet another step in ADCB's advancement of purely Islamic finance facilities, and has been developed through our independent Islamic banking arm, ADCB Meethaq," said Mr Howard Gaunt, ADCB Executive Vice President and Head Business Banking.

"The facility is indicative of our long-term commitment to finding new and influential funding solutions for our clients in every sector of the UAE economy, with a particular emphasis on sizable infrastructure projects. We are delighted to be able to support Dubai Silicon Oasis Authority's efforts to build a high technology industry platform for the country."