Abu Dhabi Islamic Bank (ADIB) has sealed an agreement with Hyundai Engineering & Construction Company (HDEC) to provide finance for its 'Borouge 3' expansion project in Abu Dhabi.

The financing agreement was signed by Hae Joo Lee, vice president and general manager of HEDC and Tirad Mahmoud, CEO of ADIB.

As per the agreement, ADIB will provide the financing facilities to HEDC for the construction of utilities and off-site facilities at the Dh3.41 billion ($935 million) Borouge project site in Ruwais Industrial Complex, Abu Dhabi.

The expansion will more than double Borouge's production capacity to over 4.5 million tones per year by 2013, making it the largest integrated polyolefin site in the world.

Commenting on the agreement, Mahmoud said: 'Borouge is a jewel in the crown of the Abu Dhabi manufacturing sector and the emirate is rightly proud of it. HDEC is one of the largest EPC Contractors worldwide that have a long existence in UAE and have performed many strategic projects in the region.'

'ADIB adds this to its many other financing deals this year that have aided the expansion and development of Abu Dhabi and we will continue to do so in future,” he added.-TradeArabia News Service