Abu Dhabi Islamic Bank Grants Loan to Dubai's DAFZA
Dubai Airport Freezone (DAFZA) was granted a credit line of AED500 million (US$136million) by Abu Dhabi Islamic Bank (ADIB). The agreement was inked at the office of DAFZA by the CEO of ADIB Tirad Al Mahmoud and Director General of DAFZA Dr. Mohammed Al Zarooni.
"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 customized Islamic financial solutions that will help them achieve their expansion objectives," according to Al Mahmoud. While Al Zarooni added: "We are delighted to finance our expansion projects in an Islamic way... 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."
The money will finance the expansion of its business centre, main office buildings and food court of DAZFA. It is projected that the expansion will be completed by 2015.