ADIB provide finance to Hyundai for the awarded project "Borouge 3" with project value of AED 3.41 Billion

Press release

Published December 26th, 2010 - 04:10 GMT

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it has provided the financing facilities to Hyundai Engineering & Construction Co., Ltd. (HDEC) for the newly awarded project Borouge 3 expansion project with a project value AED3.41 billion (US$935 million) for the construction of utilities and off-site facilities for the project in Ruwais Industrial Complex, Abu Dhabi, UAE.

The expansion will more than double Borouge's production capacity to over 4.5 million tones per year by 2013, making it the largest integrated polyolefin site in the world.

The financing agreement was signed by Mr. Hae Joo Lee, Vice President & General Manager of HEDC and Mr. Tirad Mahmoud, CEO of ADIB.

Commenting on the agreement, Tirad Mahmoud, CEO of ADIB said: "Borouge is a jewel in the crown of the Abu Dhabi manufacturing sector and the emirate is rightly proud of it. HDEC is one of the largest EPC Contractors worldwide that have a long existence in UAE and have performed many strategic projects in the region. ADIB adds this to its many other financing deals this year that have aided the expansion and development of Abu Dhabi and we will continue to do so in future."

Background Information

Abu Dhabi Islamic Bank

ADIB is committed to being a responsible corporate citizen and to managing its business in a way that creates value for customers, shareholders, employees and the communities in which it operates.

Company Profile

Hyundai Engineering & Construction

Since its launch in 1947, Hyundai E&C has played a key role in modernizing and globalizing Korea’s construction industry as a driving force for the country’s growth. In 1966, it became the first Korean construction company to enter overseas markets, and has been leading the development of Southeast Asia and the Middle East to promote Korea's technological prowess.