Abu Dhabi Islamic Capital (ADI Capital), the investment banking arm of Abu Dhabi Islamic Bank-Egypt, has announced its success in completing a syndicated Islamic financing arrangement worth EGP 1.65bn for Kharafi National, in its capacity as the sole financial advisor and fund marketer. This financing aims to support the company's working capital requirements, to enable it to effectively complete the projects assigned to it in various vital sectors inside Egypt, in support of the continuous growth in the company's business volume. Abu Dhabi Islamic Bank – Egypt participates in the financing as the main arranger, in addition to acting as the financing agent and guarantee agent. Al Baraka Bank – Egypt, the Egyptian Arab Land Bank, and Med Bank also participate as the main arrangers, in addition to the Housing and Development Bank and the Attijariwafa Bank as arrangers. Mohamed Ali, CEO and Managing Director of Abu Dhabi Islamic Bank – Egypt, expressed his happiness with the completion of this joint Islamic financing, which in turn will contribute to advancing the growth of the Egyptian economy, by financing one of the leading companies in the establishment, development, management, operation and maintenance of infrastructure projects in the Middle East and Africa, and it will also enhance the role of Abu Dhabi Islamic Capital, as the investment banking arm of the bank, as one of the most important marketers and arrangers of Islamic joint financing in Egypt and Africa. Ahmed Zaki Badr, Chairperson of Kharafi National, said: "We appreciate the cooperation with all partners in this process, which comes at a time when we are keen to achieve more growth across our markets in Egypt and the Middle East, where the contracting and construction sector is one of the main sectors, which represents a great source of foreign investment, and contributes significantly to the growth of the gross domestic product." He added: "This financing comes within the framework of supporting the company's plans for expansion and growth during the coming period, in addition to consolidating our position in various markets, especially the expansion in the local market, in a way that supports the country's tendency to enhance local content, which raises the gross national product." Hatem Al-Demerdash, CEO and Managing Director of Abu Dhabi Islamic Capital, expressed his pride in having the company as the sole financial advisor and finance marketer for the financing deal for Al-Kharafi National Company, which confirms the company's leadership in the field of arranging Islamic joint financing in Egypt, Africa and the Middle East, which is reflected in consolidate its presence. He also expressed his pride in the company's work team and their efforts, within the framework of the company's strategy aimed at providing comprehensive and distinctive financial services to customers, which supports the Egyptian economy. Sarie-Eldin & Partners assumed the role of exclusive legal advisor to the banks financed in this transaction.
