Waha Land an Abu Dhabi-based real estate development company has signed an AED426m ($116.1m) financing deal with a UAE lender to develop the second phase of its Almarkaz light industrial real estate project.

The company, which is a fully-owned subsidiary of the investment bank Waha Capital has signed the financing package with Emirates Islamic Bank, the parent company said in a statement to Abu Dhabi Securities Exchange, where its shares are traded.

The second phase of the Almarkaz development will add an additional 187,000 square meter of industrial, logistics space, retail and commercial facilities. It will be constructed in two packages, with the first 92,500 square meter package expected to be delivered by the fourth quarter of next year.

Waha land has appointed local Ali & Sons Contracting for construction of first package, which is located south of the Abu Dhabi city.

Hazem Saeed al-Nowais, the chief executive of Waha Land said the projects aims to cater to the needs of the Abu Dhabi’s manufacturing and logistics market. “The ability to raise financing with the given economic backdrop further underscores the strong value proposition of the Waha Land business model and the strength of the Almarkaz Industrial Development,’’ Al-Nowais was quoted as saying in the statement.