Al Masraf (Arab Bank for Investment & Foreign Trade) has announced that it has inked a major project financing deal with Innovo Group, an industry leader in construction and development across the built environment. This funding will help Innovo in delivering a significant project.
The agreement reflects Al Masraf’s continued commitment to supporting major businesses and projects that contribute to the UAE’s economic growth and development.
The agreement represents one of the largest project financing facilities Al Masraf has extended to a corporate client, highlighting the bank’s growing capability to provide tailored financing solutions for complex, strategically significant projects.
The media ceremony, held at Innovo Group’s head office in Dubai, brought together Fuad Mohamed, Chief Executive Officer of Al Masraf, and Bishoy Azmy, Chief Executive Officer of Innovo Group, to mark the milestone and highlight the organisations’ collaboration.
Speaking on the occasion, Mohamed said: "This milestone reflects Al Masraf’s commitment to supporting the UAE’s ambitious infrastructure and development agenda and to building long-term partnerships with leading organisations across the country."
"Our collaboration with Innovo Group demonstrates the strength of our corporate banking capabilities and our ability to provide tailored financing solutions that support projects of strategic importance. We are proud to play a role in enabling the delivery of major developments and look forward to strengthening our partnership with Innovo Group as we continue to support its growth and ambitions," he stated.
The project financing agreement underscores Al Masraf’s commitment to empowering future legacies by supporting businesses and projects that contribute to the UAE’s continued growth and long-term prosperity.
On the deal, Azmy said: "Al Masraf has been a valued banking partner to Innovo, and we welcome the opportunity to deepen our engagement. As our business evolves, we see scope to broaden our collaboration and work together on new opportunities."
Through its Corporate Banking business, Al Masraf continues to strengthen its role as a trusted financial partner to businesses contributing to the UAE’s economic development, providing tailored solutions designed around the needs and ambitions of its corporate clients.
"We look forward to building on the strong foundations of our relationship in the period ahead," he added.-TradeArabia News Service