ADIB to finance the Al-Jaber Group with US$ 300 million for Shah Gas project

 

30 August 2010
Source : ADIB

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it has provided financing facilities to Al-Jaber Energy Services (AJES) for the amount of US$ 300 million to finance Shah Gas project. The project was awarded to AJES by Abu Dhabi Gas Development Co., a subsidiary of Abu Dhabi National Oil Co. (ADNOC) and is part of the US$ 12 billion Shah sour gas field development which is essential to meet Abu Dhabi’s surging gas demand.

The scope of the project includes the construction of a four-lane, dual carriageway, and asphalt road connecting the Shah area to Liwa road. 27 million cubic meters of cut, fill and leveling works will be done to prepare the site for process, production, sulphur recovery, utilities and off-sites packages for the development.

The 16-month financing agreement was signed at Al-Jaber Group Head Office by Mr. Mohammed Al-Jaber, CEO of Al-Jaber Group and Tirad Mahmoud, CEO of ADIB.

Signing the agreement, Tirad Mahmoud, CEO of ADIB said, “This is a large scale development that Al Jaber Group has undertaken to complete in a very short span of time. I congratulate them on their ambition and the capabilities they have demonstrated. ADIB feels pleased to participate in such large infrastructure development projects in the UAE and will work closely with Al Jaber Group to bring this project to fruition.”

Mohammed Al Jaber, CEO of Al Jaber Group said: “I thank ADIB for their support and encouragement and look forward to working with them. The Islamic finance deal was structured by them as we desired. We will now accelerate project development work on ground.”

AJES is a 100% subsidiary of Al-Jaber Group established in 1994 as an Engineering, Procurement and Construction contractor to orchestrate and execute landmark projects throughout the Arabian Gulf and beyond. It is dedicated to oil & gas, petrochemical, pipelines, water, power, industrial and infrastructure sectors. The Al Jaber Group has widespread experience and has executed more than 5,000 kilometers of road construction and millions of square meters of building construction. Its large equipment resource pool includes more than 10,000 pieces of equipment including earthmoving a crane capacity of 3,200 tons.

About ADIB:

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.

About Al Jaber Group:

Al Jaber Group (AJC) is a privately owned diversified group of companies whose success is based on sustainable growth and diversification.  The strength of the Group’s performance is based on its ability to utilize the synergies between the Group companies to support and complement each other, and to manage risk through diversification and strong management.

AJC was established in 1970 and today is a market leader, the Group is the largest private sector employer in the UAE with 55,000 employees and boasts the largest fleet of vessels, cranes, equipment and machinery in the UAE

The United Arab Emirates (UAE) and Qatar have historically been the principal markets for AJC’s business activities with well-established and long-standing relationships with government, semi-government and private sector clients. However, due to the Group’s diversified nature, it also has exposure to export markets all over the world and particularly in the GCC and the Far East.