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 BIDC’s 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.