ADIB to finance the Al-Jaber Group with US$ 300 million for Shah Gas project
Abu Dhabi Islamic Bank (ADIB) 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.
- UAE economy minister predicts a rise in oil prices
- Experts meet ahead of Saudi-Bahrain pipeline development
- US offers $5 million reward for tips that would help take down Daesh’s oil trade
- Plummeting oil prices may drive diversification in the GCC
- Better together? More mergers foreseen after $70 billion Shell takeover of BG
- ADIB agrees AED 1.45 billion financing deal with Al Habtoor Engineering Enterprises
- Al Jaber Energy Services
- Arabian World Construction Summit 2010 to Highlight Bright Future for Region’s Project Sector despite Global Downturn
- ADIB provided finance to Hyundai for the awarded project "Borouge 3"
- ADIB arranges US $420 million financing for Zakher Marine International