Oasis International Leasing, National Central Cooling Company (Tabreed), and Gulf International Bank (GIB) have signed a Dh55 million (US$15 million) Islamic Ijarah facility to finance six portable cooling plants.
CEO of Oasis Leasing, Gordon Dixon, said “We are delighted to have concluded this transaction which represents a further strengthening of the partnership between two leading UAE companies. We are particularly pleased to have been able to use an Ijarah facility through GIB. This is the second transaction we have concluded with Tabreed and we hope there will be many more to follow,” adding that the deal is a natural extension of the use of leasing to develop the economic infrastructure of the UAE.
The portable cooling plants, which were delivered to Tabreed in July 2006, can be used in new developments as interim cooling solutions, temporary cooling plants during maintenance periods, or in smaller applications with limited demand for air conditioning.