Deal replaces previous funding deal for Bawabat al-Sharq Mall in Abu Dhabi
Abu Dhabi-based Baniyas Investment & Development Company (BIDC) has raised a AED1bn ($272m) loan to refinance existing funding used for various construction projects in the emirate.
Abu Dhabi Islamic Bank (ADIB) provided the sharia-compliant funding to replace the previous deal that supported the development of the Bawabat al-Sharq Mall and residential apartments and villas constructed during the first phase of BIDCs Bawabat al-Sharq development in Abu Dhabi, which is now complete. The mall opened in mid-2011.
BIDC is the majority-owned subsidiary of Baniyas Sports Club.
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