ADIB Securities, the brokerage subsidiary of Abu Dhabi Islamic Bank (ADIB), is now enabling GCC citizen customers to trade on the Saudi Stock Exchange (تداول, Tadawul), the Middle East's largest bourse.
The new offering will enable GCC citizens to buy and sell shari'ah-compliant stocks on the Tadawul through ADIB Securities' digital and traditional trading channels.
Khaled Kurdieh, GM, ADIB Securities, said: "At ADIB Securities, we always try and exceed the expectations of our customers by developing leading products and then delivering them with exceptional service."
With a market capitalisation of US$479 billion, the Tadawul is the 26th-largest stock market among 68 members of the World Federation of Exchanges and accounts for 48% of total GCC market capitalisation and 74% of the value traded.
Over 67% of transactions were carried out on ADIB Securities digital platforms in 2017. Ranked the No. 1 Islamic brokerage in the UAE, ADIB Securities provides a range of products to accompany the bank's wealth management offering. The broker provides trading tools, expert insights, and competitive rates. In addition, ADIB Securities' team of experienced professionals complement the digital offering with personalised advice.
As part of its digital innovation strategy, the bank has also recently optimised its Internet and mobile banking platforms.
Showing posts with label ADIB. Show all posts
Showing posts with label ADIB. Show all posts
Tuesday, 13 March 2018
Thursday, 11 August 2016
ADIB revamps Internet banking
Abu Dhabi Islamic Bank (ADIB) has launched a new version of its Internet banking platform to create a more convenient customer experience. The new service has been redesigned based on customer feedback.
The aim is to make it easier for current and new customers to digitally access products and services while catering to the needs of the growing number of customers utilising digital banking services. ADIB has seen a rapid growth in customers using digital channels lead by mobile devices. Users of ADIB's digital banking channels more than doubled in the last 12 months while smartphone transactions increased by 73% in the first half of the year.
The main feature of the new service is a more intuitive user experience. ADIB customers will now benefit from a user-friendly digital banking service, which will let them meet more of their banking needs online and execute faster transactions. The website's look and feel is aligned with other channels such as ATMs and mobile app thus providing customers with the same experience across all digital touch points. The new digital platform is compatible with tablets, smartphones and desktops, providing customers with the ability to interact with the bank using their preferred device as well as the ability ot manage all of their personal profiles from one single sign-on.
Philip King, Head of Retail Banking, ADIB said: "Our research and dialogue with users through social media shows that consumers seek digital banking services that are easy and simple to use with features that fit the 'multiscreen' lifestyle as they access their bank using different devices. For this reason, we introduced a new design approach that revolutionises online banking and makes it very easy to use for everyone. This is part of ADIB's digital innovation programme which will include launches of several major new customer offerings over the next 12 months."
The dual language banking platform can be accessed via a single sign-on service that combines security with ease of use, and includes safety features such as a card management tool that will allow customers to block cards that have been lost or stolen. The upgrade is seamless: customers can access the website from different devices without the need to install new software, and current users of ADIB online banking services can use their existing access name and password to sign in.
Interested?
The new service is accessible via ADIB's homepage
The aim is to make it easier for current and new customers to digitally access products and services while catering to the needs of the growing number of customers utilising digital banking services. ADIB has seen a rapid growth in customers using digital channels lead by mobile devices. Users of ADIB's digital banking channels more than doubled in the last 12 months while smartphone transactions increased by 73% in the first half of the year.
The main feature of the new service is a more intuitive user experience. ADIB customers will now benefit from a user-friendly digital banking service, which will let them meet more of their banking needs online and execute faster transactions. The website's look and feel is aligned with other channels such as ATMs and mobile app thus providing customers with the same experience across all digital touch points. The new digital platform is compatible with tablets, smartphones and desktops, providing customers with the ability to interact with the bank using their preferred device as well as the ability ot manage all of their personal profiles from one single sign-on.
Philip King, Head of Retail Banking, ADIB said: "Our research and dialogue with users through social media shows that consumers seek digital banking services that are easy and simple to use with features that fit the 'multiscreen' lifestyle as they access their bank using different devices. For this reason, we introduced a new design approach that revolutionises online banking and makes it very easy to use for everyone. This is part of ADIB's digital innovation programme which will include launches of several major new customer offerings over the next 12 months."
The dual language banking platform can be accessed via a single sign-on service that combines security with ease of use, and includes safety features such as a card management tool that will allow customers to block cards that have been lost or stolen. The upgrade is seamless: customers can access the website from different devices without the need to install new software, and current users of ADIB online banking services can use their existing access name and password to sign in.
Interested?
The new service is accessible via ADIB's homepage
Wednesday, 13 July 2016
ADIB, Thomson Reuters present Ethical Finance Innovation Challenge and Awards
The Ethical Finance Innovation Challenge and Awards (EFICA) is returning for its 4th year. An initiative launched by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, the awards aim to recognise and reward innovation in ethical finance, and are designed to inspire real change in the banking and financial services industry by showcasing and developing new practical innovations to promote sustainability and social benefit.
The EFICA awards are being given in two categories this year: the Ethical Finance Initiative Award, and the Lifetime Achievement Award. The Ethical Finance Initiative Award carries a US$100,000 prize, and is for innovative solutions or initiatives that promote ethical practice and inspire real change in the financial services industry.
The Lifetime Achievement Award, with a prize of US$25,000, celebrates an outstanding institution or individual that has significantly helped to shape the world of financial services by applying ethical principles. "The aim of EFICA is to motivate all positive contributions of the finance industry and recognise existing innovations in the ethical finance space. The awards also aim to create more momentum in the market place so ultimately the society can benefit from ethical finance solutions," said ADIB Chief Executive Officer Tirad Al Mahmoud. "It is the responsibility of our sector to show we practice what we preach, and to do all we can to recognise and encourage ethical financial practices across the globe."
Entries for the awards are now being accepted from institutions, research centres and individuals and can be submitted online. The selection process is managed by an advisory board that includes financial experts, ethical banking practitioners and Islamic scholars. The selection criteria is based on the initiatives' ethical aspects, impact on society, innovation, and the practicality of the application.
Last year, EFICA hosted more than 300 guests at its annual gala dinner. There, finalists presented their ideas to the audience who then selected the eventual winners through an electronic voting process. In the past three years, EFICA has received over 400 applications from around the world and has shortlisted 19 finalists who presented their initiatives at the EFICA gala dinner.
Last year's ethical initiative award winners were Narwi.org, a nonprofit Islamic crowd funding platform giving micro-entrepreneurs in the MENA region a voice.
Hashtag: #2016efica
The EFICA awards are being given in two categories this year: the Ethical Finance Initiative Award, and the Lifetime Achievement Award. The Ethical Finance Initiative Award carries a US$100,000 prize, and is for innovative solutions or initiatives that promote ethical practice and inspire real change in the financial services industry.
The Lifetime Achievement Award, with a prize of US$25,000, celebrates an outstanding institution or individual that has significantly helped to shape the world of financial services by applying ethical principles. "The aim of EFICA is to motivate all positive contributions of the finance industry and recognise existing innovations in the ethical finance space. The awards also aim to create more momentum in the market place so ultimately the society can benefit from ethical finance solutions," said ADIB Chief Executive Officer Tirad Al Mahmoud. "It is the responsibility of our sector to show we practice what we preach, and to do all we can to recognise and encourage ethical financial practices across the globe."
Entries for the awards are now being accepted from institutions, research centres and individuals and can be submitted online. The selection process is managed by an advisory board that includes financial experts, ethical banking practitioners and Islamic scholars. The selection criteria is based on the initiatives' ethical aspects, impact on society, innovation, and the practicality of the application.
Last year, EFICA hosted more than 300 guests at its annual gala dinner. There, finalists presented their ideas to the audience who then selected the eventual winners through an electronic voting process. In the past three years, EFICA has received over 400 applications from around the world and has shortlisted 19 finalists who presented their initiatives at the EFICA gala dinner.
Last year's ethical initiative award winners were Narwi.org, a nonprofit Islamic crowd funding platform giving micro-entrepreneurs in the MENA region a voice.
Hashtag: #2016efica
Tuesday, 16 February 2016
ADIB Spice Card rounds out product offerings to NRIs, NRPs
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| Source: ADIB. The new Spice Card offers a range of cashbacks if the owner hits a minimum spend. |
Abu Dhabi Islamic Bank (ADIB) has launched the Spice Card to complement its tailored product offerings to non resident Indians (NRIs) and non resident Pakistanis (NRPs) in the UAE.
The ADIB Spice Card offers NRI and NRP customers a chance to save more money with a range of competitive offers and discounts. This includes 9% cashback on all dining spends, 7% cashback on all supermarket spends, 4% cashback on fuel and 1% cashback on utility bills. The cashbacks apply on local as well as international spend, and customers also earn up to two reward points for every AED1 spent on other merchant categories.
Venkatesh Srikantan, Head of Retail - Expat Banking at ADIB, said, "While there are banking products in the UAE for Indians and Pakistanis to use in their home countries, there is a lack of products specifically tailored for them in the UAE. Our research shows that the spending habits and financial requirements of NRIs and NRPs centre on some common characteristics. As a customer-centric bank, it is of utmost importance for us to design value added products that suit their financial needs."
The Spice Card adds to ADIB's product offering for NRIs and NRPs. Last year, ADIB launched finance solutions for NRIs to buy properties in India and NRPs to purchase properties in Pakistan.
The Indian community in the UAE totals some 2.6 million people and constitutes 30% of the total population, making it the largest expatriate community in the country. Pakistanis form the second largest ethnic group in the UAE, with a population of over 1.2 million, constituting 12.5% of the country's total population.
A minimum monthly spend of AED3,000 is required on the Spice Card to qualify for the cashback offers with a maximum cashback cap of AED50 on utility payments, AED200 on restaurant bills, AED50 on fuel and AED100 on supermarket spending.
Monday, 21 December 2015
Abu Dhabi Islamic Bank forges ahead with innovation via IBM partnership
In line with its strategy to digitise its products and services for an enhanced customers' experience, Abu Dhabi Islamic Bank will fundamentally transform how it interacts and provides services to customers by building a new Digital Studio with IBM. The studio will be the first of its kind in the region.
The move is expected to fast-track development of digital innovation projects across the bank, including mobile banking iOS apps built on IBM Bluemix and IBM MobileFirst, enabling it to address competition from fintechs. The bank is also building a multidisciplinary digital team that will include experts from IBM Design and IBM Interactive Experience, the industry's largest hybrid digital agency and consultancy. The IBM experts will work with ADIB to create personalised and engaging digital experiences such as new mobile banking apps for consumers.
Sagheer Mufti, Chief Operating Officer, ADIB said: "ADIB aims to be the best digital bank in the UAE and the region and is continuously investing in cutting edge technologies to enhance customer experience and introduce innovative products and solutions to meet the evolving needs of its customers. In line with our core values of simplicity and mutual benefit, we are continuously looking for ways to foster innovation to deliver greater value and superior customer experience.
"The introduction of a digital studio at ADIB means we now have access to a team of dedicated IBM digital experts with proven experience designing compelling financial services and solutions that will work hand in hand with our professional team to make it easier for our customers to use our products and services and seamlessly manage their financial affairs. This studio will also play a major role in driving the various initiatives and projects across the bank to accelerate its digital transformation."
Bluemix – IBM's cloud platform – allows developers to accelerate the deployment of next-generation apps that capture the disruptive potential of cognitive computing, analytics and IoT. The cloud platform will enable ADIB to accelerate the development and deployment of these next-generation apps that leverage these innovations to offer clients a truly differentiated digital experience.
"As companies transform, it's essential to address the systemic cause of what's standing in the way of change. IBM has created a new type of design thinking that brings together product management, engineering and design teams to deliver iconic user experiences for clients," said Amr Refaat, General Manager, IBM Middle East and Pakistan. "We are working with ADIB to help them craft the entire user experience by understanding users, exploring concepts, rapid prototyping and evaluating with users and diverse stakeholders."
The Bank will also deploy the IBM MobileFirst for iOS Trusted Advisor App, allowing their financial advisors to easily and securely access and manage client portfolios from their iPads. The app empowers advisors to address the full gamut of client needs, from testing recommendations against sophisticated modelling tools all the way to complete, secure transactions. Powered by analytics, the Trusted Advice app provides predictive information that enables advisors to gain quick insight for devising client scenarios and conduct more interactive client planning sessions. Using their iPads, advisors can share graphic-rich data with clients for more engaging, personalised presentations that can be delivered wherever they meet with clients.
The move is expected to fast-track development of digital innovation projects across the bank, including mobile banking iOS apps built on IBM Bluemix and IBM MobileFirst, enabling it to address competition from fintechs. The bank is also building a multidisciplinary digital team that will include experts from IBM Design and IBM Interactive Experience, the industry's largest hybrid digital agency and consultancy. The IBM experts will work with ADIB to create personalised and engaging digital experiences such as new mobile banking apps for consumers.
Sagheer Mufti, Chief Operating Officer, ADIB said: "ADIB aims to be the best digital bank in the UAE and the region and is continuously investing in cutting edge technologies to enhance customer experience and introduce innovative products and solutions to meet the evolving needs of its customers. In line with our core values of simplicity and mutual benefit, we are continuously looking for ways to foster innovation to deliver greater value and superior customer experience.
"The introduction of a digital studio at ADIB means we now have access to a team of dedicated IBM digital experts with proven experience designing compelling financial services and solutions that will work hand in hand with our professional team to make it easier for our customers to use our products and services and seamlessly manage their financial affairs. This studio will also play a major role in driving the various initiatives and projects across the bank to accelerate its digital transformation."
Bluemix – IBM's cloud platform – allows developers to accelerate the deployment of next-generation apps that capture the disruptive potential of cognitive computing, analytics and IoT. The cloud platform will enable ADIB to accelerate the development and deployment of these next-generation apps that leverage these innovations to offer clients a truly differentiated digital experience.
"As companies transform, it's essential to address the systemic cause of what's standing in the way of change. IBM has created a new type of design thinking that brings together product management, engineering and design teams to deliver iconic user experiences for clients," said Amr Refaat, General Manager, IBM Middle East and Pakistan. "We are working with ADIB to help them craft the entire user experience by understanding users, exploring concepts, rapid prototyping and evaluating with users and diverse stakeholders."
The Bank will also deploy the IBM MobileFirst for iOS Trusted Advisor App, allowing their financial advisors to easily and securely access and manage client portfolios from their iPads. The app empowers advisors to address the full gamut of client needs, from testing recommendations against sophisticated modelling tools all the way to complete, secure transactions. Powered by analytics, the Trusted Advice app provides predictive information that enables advisors to gain quick insight for devising client scenarios and conduct more interactive client planning sessions. Using their iPads, advisors can share graphic-rich data with clients for more engaging, personalised presentations that can be delivered wherever they meet with clients.
Wednesday, 16 September 2015
Nobel Peace Prize winner Muhammad Yunus to keynote the EFICA awards 2015
The 2015 Ethical Finance Innovation Challenge Awards (EFICA), which are supported by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, has confirmed Nobel Peace Prize winner Muhammad Yunus as the keynote speaker at the third annual EFICA awards. The awards will be held on 4 October, 2015 at the Westin Dubai Mina Seyahi Beach Resort, Dubai, UAE.
The EFICA awards, which offer prizes of up to US$175,000, are given in three categories: development of Islamic finance, ethical finance initiatives, and lifetime achievement. This year’s focus is on ideas that will help broaden the appeal of ethical finance to a global audience and to reward initiatives that have created tangible benefits for society.
Tirad Al Mahmoud, Chief Executive Officer of ADIB commented, “Muhammad Yunus is recognised globally as a pioneer in the ethical finance space and has been leading the way particularly in terms of financial inclusion across the financial services sector for many years. He is rightly credited as the one individual who brought microfinance to a level where it became a viable business enabler in his native Bangladesh and in many other developing countries. We can learn a great deal from his inspirational approach in our own attempts to develop innovative ethical finance initiatives to make a broader social impact.”
Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters said: “The EFICA awards are a positive force in finance, recognising innovation that sets a strong example of ethical action, and can be replicated across the industry. Muhammad Yunus will share his experiences with those attending and explain the importance of promoting ethical finance and the significance that innovation plays in developing a more equitable financial system for future generations.”
Muhammad Yunus, who is also known as 'the world's banker to the poor', has dedicated his life’s work to proving that a lack of wealth is no barrier to credit-worthiness. His revolutionary microcredit system is estimated to have extended credit to more than seven million of the world's poor, many of them in Bangladesh. He is one of only seven people to have won the Nobel Peace Prize, the US Presidential Medal of Freedom and the Congressional Gold Medal, placing him alongside leaders and visionaries such as Nelson Mandela, Martin Luther King Jr, and Mother Teresa.
In its third year, EFICA received over 200 entries from across the globe. This year, entrants were asked to submit projects that have helped broaden the appeal of ethical finance to a global audience and initiatives that have created tangible benefits for society.
The shortlisted applicants for the Ethical Finance Initiative award category and the Islamic Finance Industry award presented in front of a panel of judges in Abu Dhabi on 9 and 10 September, after which three finalists from each category were selected. The finalists will present in front of an audience at the Gala dinner of the Ethical Finance Innovation Challenge on the 4 of October which is being held on the sidelines of the Global Islamic Economy Summit in Dubai. The audience will choose the winners through a public vote.
The EFICA awards, which offer prizes of up to US$175,000, are given in three categories: development of Islamic finance, ethical finance initiatives, and lifetime achievement. This year’s focus is on ideas that will help broaden the appeal of ethical finance to a global audience and to reward initiatives that have created tangible benefits for society.
Tirad Al Mahmoud, Chief Executive Officer of ADIB commented, “Muhammad Yunus is recognised globally as a pioneer in the ethical finance space and has been leading the way particularly in terms of financial inclusion across the financial services sector for many years. He is rightly credited as the one individual who brought microfinance to a level where it became a viable business enabler in his native Bangladesh and in many other developing countries. We can learn a great deal from his inspirational approach in our own attempts to develop innovative ethical finance initiatives to make a broader social impact.”
Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters said: “The EFICA awards are a positive force in finance, recognising innovation that sets a strong example of ethical action, and can be replicated across the industry. Muhammad Yunus will share his experiences with those attending and explain the importance of promoting ethical finance and the significance that innovation plays in developing a more equitable financial system for future generations.”
Muhammad Yunus, who is also known as 'the world's banker to the poor', has dedicated his life’s work to proving that a lack of wealth is no barrier to credit-worthiness. His revolutionary microcredit system is estimated to have extended credit to more than seven million of the world's poor, many of them in Bangladesh. He is one of only seven people to have won the Nobel Peace Prize, the US Presidential Medal of Freedom and the Congressional Gold Medal, placing him alongside leaders and visionaries such as Nelson Mandela, Martin Luther King Jr, and Mother Teresa.
In its third year, EFICA received over 200 entries from across the globe. This year, entrants were asked to submit projects that have helped broaden the appeal of ethical finance to a global audience and initiatives that have created tangible benefits for society.
The shortlisted applicants for the Ethical Finance Initiative award category and the Islamic Finance Industry award presented in front of a panel of judges in Abu Dhabi on 9 and 10 September, after which three finalists from each category were selected. The finalists will present in front of an audience at the Gala dinner of the Ethical Finance Innovation Challenge on the 4 of October which is being held on the sidelines of the Global Islamic Economy Summit in Dubai. The audience will choose the winners through a public vote.
Thursday, 12 February 2015
ADIB's Etihad Islamic cards get wallet function
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| Source: Etihad Guest website. |
The membership card can be loaded in advance, enabling card holders to better manage their travel budgets by locking in competitive exchange rates in real time before they travel. Pre-loading the card also means that members are immediately able to spend in the local currency upon arrival in another country, without having to first exchange or transfer funds at a bank or foreign exchange.
A maximum of 11 currencies can be held on the card at any one time, one of which must be UAE dirhams. The 10 other currencies are: US dollar, pound Sterling, Euro, Indian rupee, Australian dollar, Canadian dollar, Singapore dollar, Hong Kong dollar, Japanese yen and Thai baht.
Yasser Al Yousuf, Managing Director, Etihad Guest said: “The Etihad Guest loyalty programme focusses on providing features and benefits that enhance value to its members. The new Etihad Guest Card with walletplus is innovative in that it combines the functionality of a reloadable payment card with the benefits of Etihad Guest membership in a single piece of plastic, a first in loyalty and travel payments in the Middle East.”
Additionally, Etihad Guest members can download the walletplus mobile application, available for iOS and Android users, to access a range of functions that include checking their account balance and transaction history, transfer money to other Etihad Guest members with an activated walletplus account (AED only), and report a card lost/stolen.
Philip King, UAE Head of Retail, Abu Dhabi Islamic Bank (ADIB), said: “This is a highly innovative product and the first of its kind in the region. ADIB is proud to assist Etihad Airways in developing a multi-functional card which vividly demonstrates ADIB’s ground-breaking product development capabilities.
Etihad Guest also partnered with Rêv Worldwide, a global leader in multi-currency prepaid processing, to develop the product, utilising Rêv’s proprietary prepaid multi-currency processing platform and global experience in pioneering similar successful products.
“Well before starting work on this new product, we knew we were dealing with a partner that focuses on delivering excellent value and first class service to its members,” said John Mitchell, Chief Executive Officer, Rêv Worldwide, adding “we have great alignment on the value that innovation provides to further customer engagement.”
Etihad Guest members can earn one Etihad Guest Mile per US$2 spent in the UAE, and one Etihad Guest Mile per US$1 spent abroad when paying with walletplus.
Introduced in partnership with Visa, the Etihad Guest card with walletplus can be used to pay at tens of millions of global merchants, and card holders can withdraw cash at more than 2.1 million ATMs across the world.
Marcello Baricordi, General Manager UAE and Global Accounts Lead at Visa MENA, said: “Visa is delighted to partner with one of the world’s leading premium airline brands – Etihad Airways – to launch here in the Middle East a first of its kind travel card that promises Etihad Guest members the most extensive global reach.
Etihad Guest Tier members in the UAE will begin receiving their new Etihad Guest card with walletplus in early March, with rollout of cards to Etihad Guest members in other countries taking place in the future.
Saturday, 20 December 2014
ADIB refinances Baniyas Investment & Development Co. for AED1 billion
Abu Dhabi Islamic Bank (ADIB), an Islamic financial services
group, has finalised a AED1 billion finance facility to Baniyas Investment & Development Company (BIDC), the investment arm of
Bani Yas Sports Club.
The transaction is to refinance BIDC’s existing conventional financing that was secured against the construction of Bawabat Al Sharq Mall, as well as part of the residential apartments and villas that were constructed in Phase 1 of BIDC’s Bawabat Al Sharq Development in Abu Dhabi.
The agreement was signed at ADIB’s Headquarters by Arif Usmani, Global Head of Wholesale Banking at ADIB; and, Subhi Benkhadra, CEO of BIDC.
“This facility demonstrates ADIB’s growing ability to finance large scale projects which play a major role in the economic development of the UAE. The deal is one of many we have closed this year that are directly related to the expansion and development of Abu Dhabi. We expect this part of our business to continue to grow significantly,” said Usmani. "ADIB’s track record of financing local and regional corporates is helping us to extend our reach both in the UAE and beyond.”
Subhi Benkhadra, CEO of BIDC, said: “We are very pleased to partner with ADIB, whose innovative structuring and execution expertise has facilitated the special financing needs of BIDC. Their efforts proved that ADIB is the ideal partner for us and we look forward to building on our relationship with them to support BIDC in the future.”
Founded in 2005, Baniyas Investment & Development Company (BID), a majority owned subsidiary of the Baniyas Sports Club, has been an active contributor to the dynamic transformation of Abu Dhabi, moving forward without forgetting the emirate’s rich culture and heritage. As the investment and development arm of the Baniyas Sports Club, the company’s core competencies are in investment, development and management of real estate projects.
Bawabat Al Sharq is a mixed-use community development which represents the first of several pioneering projects by Baniyas Investment and Development Company.
The transaction is to refinance BIDC’s existing conventional financing that was secured against the construction of Bawabat Al Sharq Mall, as well as part of the residential apartments and villas that were constructed in Phase 1 of BIDC’s Bawabat Al Sharq Development in Abu Dhabi.
The agreement was signed at ADIB’s Headquarters by Arif Usmani, Global Head of Wholesale Banking at ADIB; and, Subhi Benkhadra, CEO of BIDC.
“This facility demonstrates ADIB’s growing ability to finance large scale projects which play a major role in the economic development of the UAE. The deal is one of many we have closed this year that are directly related to the expansion and development of Abu Dhabi. We expect this part of our business to continue to grow significantly,” said Usmani. "ADIB’s track record of financing local and regional corporates is helping us to extend our reach both in the UAE and beyond.”
Subhi Benkhadra, CEO of BIDC, said: “We are very pleased to partner with ADIB, whose innovative structuring and execution expertise has facilitated the special financing needs of BIDC. Their efforts proved that ADIB is the ideal partner for us and we look forward to building on our relationship with them to support BIDC in the future.”
Founded in 2005, Baniyas Investment & Development Company (BID), a majority owned subsidiary of the Baniyas Sports Club, has been an active contributor to the dynamic transformation of Abu Dhabi, moving forward without forgetting the emirate’s rich culture and heritage. As the investment and development arm of the Baniyas Sports Club, the company’s core competencies are in investment, development and management of real estate projects.
Bawabat Al Sharq is a mixed-use community development which represents the first of several pioneering projects by Baniyas Investment and Development Company.
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