Ajman - Mubasher: Ajman Bank announced on Sunday signing a financing facility worth AED 180 million for Marka Sports LLC (a SPV under the majority ownership of Marka).

The proceeds of the sharia-compliant facility are to be used by Marka Sports LLC for acquisition of Retailcorp UAE LLC, a leading sports goods retailer in the country, geared towards a period of strong growth and profitability, according to a statement.

The facility to Marka Sports LLC highlights the evolving strategic relationship between Marka Sports LLC and Ajman Bank, the statement said.

“Ajman Bank is pleased to contribute towards the development of the UAE retail sector by financing the acquisition planned by Marka Sports LLC,” said Ajman Bank CEO Mohamed Amiri.

“Retailing is increasingly becoming an important growth driver in the UAE economy and Ajman Bank wants to play a constructive role in this segment by partnering with reputable Emirati listed companies like Marka,” said Amiri.