Abu Dhabi Islamic Bank (Adib) announced that it had provided US$300 million in financing to Al-Jaber Energy Services (AJES), to fund the early works project on the Shah Gas project, online news portal Emirates 24/7 reported.
The project was awarded to AJES by Abu Dhabi Gas Development Co., a subsidiary of Abu Dhabi National Oil Co. (Adnoc) and is part of the $12 billion Shah sour gas field development which is essential to meet Abu Dhabi’s surging gas demand.
The scope of the project which AJES has been awarded, is the construction of a four-lane, dual carriageway, and asphalt road connecting the Shah area to Liwa road. 27 million cubic metres of cut, fill and levelling works will be done to prepare the site for process, production, sulphur recovery, utilities and off-sites packages for the development.
The 16-month financing agreement was signed by Mohammed Al-Jaber, CEO of Al-Jaber Group and Tirad Mahmoud, CEO of Adib.
Mahmoud said: “This is a large scale development that Al Jaber Group has undertaken to complete in a very short span of time. I congratulate them on their ambition and the capabilities they have demonstrated. Adib feels pleased to participate in such large infrastructure development projects in the UAE and will work closely with Al Jaber Group to bring this project to fruition.”
Al Jaber said: “I thank Adib for their support and encouragement and look forward to working with them. The Islamic finance deal was structured by them as we desired. We will now accelerate project development work on ground.”
AJES is a subsidiary of Al-Jaber Group established in 1994 as an engineering, procurement and construction contractor to orchestrate and execute projects throughout the Arabian Gulf and beyond.
