ADIB arranges for financing deal for MAF

MAF-GroupOne of the top-tier Financial Institution in Middle East, Abu Dhabi Bank (ADIB) announced that it is going to financially help UAE's Majid Al Futtaim (MAF) Group. This will happen because the bank is going to arrange for a syndicate that will look after the financing worth Dhs1.14 billion.

Looking at the announcement it can be understood that ADIB is going to act as the Initial Mandated Lead Arranger, Sole Bookrunner, Investment Bank and Security Agent Bank for the upcoming deal.

But it is not the only bank that is involved in it and the others in the league are Al Khaliji Commercial Bank as Mandated Lead Arranger, Al Hilal Bank, First Gulf Bank and United Arab Bank as Lead Arrangers and Ajman Bank. They are going to work as the arranger.

About the whole issue, Tirad Mahmoud, CEO of ADIB said that they were more than happy to be part of the largest Islamic structured syndication in Dubai in 2010. Considering the nature of the deal this is the first of the deal for MAF.

When asked about the reaction of the market, he said that it had been well received. The size has already moved towards 15 per cent growth because of strong demand for such financing.