Press releases
10 Jan, 2009
Abu Dhabi National Islamic Finance arranges AED334 million for SinoGulf Commercial Tower in Capital Centre
Abu Dhabi National Islamic Finance (ADNIF), the Islamic banking division of National Bank of Abu Dhabi (NBAD), recently arranged an AED334 million facility for SinoGulf Investments’ commercial tower project in Capital Centre.
C.18 is the largest plot within the Capital Centre development designated for commercial and retail use. The project commenced in Q1-2008 and shall be completed in Q4-2010. 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.
Mr. Moawia El Amin, Head of Corporate & Commercial Division at ADNIF comments: "ADNIF has 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 by 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."
Mr. 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 ADNIF'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."
About ADNIF:
ADNIF is a wholly owned subsidiary of NBAD the oldest and the largest financial institution in Abu Dhabi. It was formed as the Islamic banking division of NBAD in November 2007. It is led by Mr. Aref Khouri, the General Manager of ADNIF and is run by some of the experienced individuals in the UAE banking industry.
About SinoGulf:
SinoGulf Real Estate Investments LLC known as SinoGulf Investments was established in Abu Dhabi in 2003 to develop real estate opportunities and assets for investors from the Gulf region. SinoGulf is also a large investor within the Sharjah Investment Centre and the Abu Dhabi Business Hub. It has a number of subsidiaries and associates including SinoGulf (DIFC) Limited, an Asset Management subsidiary that is licensed by the DFSA.
For more information please contact:
Wael Qahoush, ADNIF
Tel: +971 2 410 4503
Shreyas Phadnis, SinoGulf Investments
Tel: +971 2 495 5000
