The Abu Dhabi-based company Zakher Marine International has signed a $420m deal through UAE-based banks to fund a new shipbuilding programme.

Abu Dhabi Islamic Bank was the sole bookrunner and initial mandated lead arranger on the syndicated loan. The facility was two-times oversubscribed with a number of banks joining the facility including Abu Dhabi Commercial Bank, Al-Hilal Bank, Mashreq, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank.

The funding will support the construction of 15 vessels through Quality Marine Services, one of Zakher’s companies.

Abu Dhabi Islamic Bank has a particular focus on supporting the shipping industry after it set up a specialised financing unit last year to focus on structured shipping, marine and other asset finance classes.