The 12 year Ijara will be used to refinance existing facilities and to fund expansion projects. HSBC Amanah acted with Abu Dhabi Commercial Bank, Dubai Islamic Bank, National Bank of Abu Dhabi, Standard Chartered as joint mandated lead arrangers.

First Gulf Bank acted as lead arranger, with Abu Dhabi Investment Company, Mashreqbank’s Islamic division Badr al-Islami, and Bank of Bahrain and Kuwait joining the syndicate as lead arrangers.

The deal furthers HSBC Amanah’s relationship with Tabreed, after it arranged a $200m sukuk for the company in 2006.