Today's Edition
DUABI (ALETIHAD)
One of the leading Islamic financial institutions in the UAE has announced a landmark structured financing transaction valued at $500 million for Mass Group Holding.
The financing will be used to construct a natural gas-fired power plant with a capacity of 1.7 GWh in Romania, set to be the largest of its kind in Europe. With a total project value estimated at €1.2 billion, the facility is expected to become a cornerstone of Europe’s energy security and a significant driver of economic growth in Romania.
The new power plant, located in north-western Romania, will play a pivotal role in strengthening the country’s energy infrastructure as well as that of neighbouring nations.
Through this financing agreement, Emirates Islamic is reinforcing its commitment to supporting customers’ overseas business ventures, particularly in the development of critical energy infrastructure in strategic regions. The initiative aligns with the bank’s objective of providing comprehensive financial solutions that enable clients to achieve their ambitions.
Mohammad Kamran Wajid, Deputy Chief Executive Officer of Emirates Islamic, said: “The financing agreement with Mass Group Holding solidifies the position of Emirates Islamic as a leading regional Islamic financier known for its structured financing excellence. This agreement underscores our unwavering commitment to ethical banking principles and our dedication to delivering advanced, Shariah-compliant financing solutions that meet the evolving demands of the market. Our financing in the development of Europe's largest gas-fired power plant is not just about finance; it represents a significant leap towards achieving energy resilience, economic advancement and a greener future.”
Ahmed Ismael Saleh, Chairman of Mass Group Holding, stated: “We are proud to partner with Emirates Islamic, whose commitment to innovative financing solutions has been instrumental in making this ambitious project a reality. This $500 million funding from Emirates Islamic represents a monumental step forward for Mass Group Holding and the energy landscape of Europe.”
Emirates Islamic continues to strengthen its position as a leader in innovative Islamic financial structures, driving the market with Shariah-compliant product innovation.
