Abu Dhabi Islamic Bank (ADIB) has recently announced the successful closure of a Shariah-compliant syndicated transaction amounting to Dh865 million. The funds are earmarked for financing the construction of new, energy-efficient gas carriers for BGN and Al Seer Marine, marking a significant milestone in sustainable maritime development.
Key Players and Collaborators
ADIB played a central role as the mandated lead arranger, coordinator, bookrunner, Sharia advisor, investment, and security agent in this transaction. Supported by key arrangers such as Abu Dhabi Commercial Bank (ADCB), National Bank of Fujairah (NBF), Commercial Bank of Dubai (CBD), and The Islamic Corporation for the Development of the Private Sector (ICD), ADIB orchestrated the syndication seamlessly.
Legal Expertise and Coordination
The documentation and coordination aspects were expertly handled by global law firms Dentons and Holman Fenwick Willan (HFW) serving as the Syndicate’s Legal Counsel and the Company’s Legal Counsel, respectively. Their expertise ensured the smooth execution of the transaction.
Environmental Advancements in Maritime Industry
The financing, facilitated through ABGC, a joint venture between BGN and Al Seer Marine, will support the construction of three new, energy-efficient Very Large Gas Carriers (VLGCs). These vessels are equipped with dual-fuel efficiency and Liquefied Petroleum Gas (LPG) engines, representing a significant step towards achieving zero-carbon propulsion in the shipping industry.
Commitment to Sustainable Development
Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking at ADIB, expressed the bank’s commitment to supporting initiatives that promote sustainable development and innovation in the maritime sector. The partnership aims to enhance the UAE’s maritime prominence globally and advance decarbonization efforts in the marine industry.
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