Abu Dhabi’s new airport deal is nearing a AED 4 billion ($1.1 billion), predominantly Shari’ah-compliant deal with a number of Abu Dhabi-based banks
Mashreq is leading the deal, which also includes First Gulf Bank, Union National Bank, Al Hilal Bank and Jordan's Arab Bank, two banking sources close to the deal told Reuters.
The financing will be 80-percent Shari’ah-compliant. "We are indeed using Islamic finance for our Abu Dhabi project. Details of the financing are to be released later," Reuters quoted Burcu Geris, Project and Structured Finance Coordinator at TAV Airports, as saying.
The Medina Airport project is due to be completed in 2015.