Abu Dhabi National Islamic Finance (Adnif), the Islamic banking division of National Bank of Abu Dhabi (NBAD), has arranged an Dh334 million ($91 million) facility for SinoGulf Investments’ commercial tower project in Capital Centre.

The project which commenced in the first quarter of 2008 would be completed in the fourth quarter of 2010.

Positioned as a Grade A product with 4 levels of basement parking, 2 levels of podium parking and 12 lifts for a 25 storey building, the tower is designed to cater to international and local blue-chip companies, said a Adnif official.

The plot, C.18 is the largest one within the Capital Centre development designated for commercial and retail use.

Moawia El Amin, head of corporate and commercial division at Adnif, said the Islamic banking division had grown significantly over the past 18 months under the NBAD umbrella.

"We strive to get the best quality assets under our portfolio and we screen our proposals thorough due diligence. SinoGulf’s Capital Centre project comes across as a sound business case – it provides the right product at the right time and, most importantly, with the right team.”

Andrew Clout, SinoGulf’s managing director said: "We and our partners, EastGate Capital, are delighted to be associated with one of the most respected financial institutions in the GCC."

"The Adnif team asked the right questions while inspecting our proposal and we were delighted to find out that our conservative approach was in line with the unit’s risk management strategy."

"We are confident of taking this relationship across our other business units and find new areas of collaboration within our private equity business," he added.

Source: Trade Arabia News