ADIB to fund NPCC’s Dh367 million barge

Abu Dhabi Islamic Bank will provide Dh367 million Istisna’a and forward Ijara facility to capital-based public sector construction firm National Petroleum Construction Company (NPCC) to fund the construction of a new SEP 450 self elevating accommodation and crane barge. ADIB acted as mandated lead arranger and structured the deal while Waha Capital PJSC advised NPCC.The agreement was signed by Aqeel A. Madhi, Chief Executive Officer of NPCC and Tirad Mahmoud, CEO of ADIB, here the other day.

NPCC is a Public Joint Stock Company owned by the General Holding Corporation (GHC) which holds a 70 per cent interest and the Consolidated Contractors Group (S.A.L.), which holds the remaining.

Since 1973, NPCC’s dynamic growth, its past achievements and new facilities have transformed this National Company into a major international EPC contractor, capable of providing the Offshore and Onshore Oil & Gas industry with complete Engineering, Procurement and Construction.

At a signing ceremony, Tirad Mahmoud, Chief Executive Officer of ADIB said that besides introducing the construction company to Islamic finance, it is the first time that his bank is aiding the building of such a high 
profile barge.

“It is core infrastructure development projects in the UAE such as this that we are so eager to be associated with. In fact, it makes us proud to be part of UAE’s development and to partner with NPCC,” he said.

Aqeel A. Madhi, Chief Executive Officer of NPCC praised the efforts of ADIB and its constructive cooperation in providing the financing facilities to build a new barge joining the company fleet as part of its strategic plan for geographical expansion in the offshore industry.

He said: “This is our first touch with Islamic finance. We are keen to explore this avenue further in future opportunities of this nature.”

Tirad Mahmoud said that supporting the interests of UAE national companies is one of our key mandates and we are aggressively pursuing such opportunities