Al Masraf and Innovo Group have announced a project financing agreement, marking a milestone in what the banks describe as their strategic relationship, according to a joint statement.
The announcement, dated 19 October 2026, said the financing will support Innovo Group in delivering a “significant project,” strengthening the partnership between the two organisations. The release also stated that the facility is among the larger project financing arrangements Al Masraf has extended to a corporate client, citing the bank’s ability to provide financing solutions for “complex, strategically significant projects.”
Ceremony in Dubai for milestone marking
A media ceremony was held at Innovo Group’s head office in Dubai, the statement said. It brought together Fuad Mohamed, Chief Executive Officer of Al Masraf, and Bishoy Azmy, Chief Executive Officer of Innovo Group, to mark the agreement and highlight collaboration between the companies.
Commenting on the announcement, Fuad Mohamed said the milestone reflects Al Masraf’s commitment to supporting the UAE’s infrastructure and development agenda and building long-term partnerships with businesses across the country. He added that the collaboration demonstrates the bank’s corporate banking capabilities and its ability to provide tailored financing solutions for projects of strategic importance, and said the bank looks forward to strengthening its relationship with Innovo Group as it supports the company’s growth and ambitions.
Bishoy Azmy said Al Masraf has been a valued banking partner to Innovo and that the companies welcome deepening their engagement. He stated that as Innovo’s business evolves, it sees scope to broaden collaboration and pursue new opportunities, adding that it looks forward to building on the relationship moving forward.
Relationship since 2025
The companies said the agreement builds on an established relationship between Al Masraf and Innovo Group, with Innovo listed as a client of the bank since 2025. Al Masraf’s release described the partnership as reflecting trust in the bank’s ability to support financing requirements for major corporate projects.
Through its Corporate Banking business, Al Masraf said it continues to act as a financial partner for businesses contributing to the UAE’s economic development, offering “tailored solutions” aligned with client needs. The statement also positioned the financing as part of Al Masraf’s broader commitment to “Empowering Future Legacies,” linking the support of corporate projects to the UAE’s growth and long-term prosperity.
Company descriptions provided with announcement
The release included background information on both firms. Al Masraf said it was founded in 1976 under Federal Decree No. 50 and described itself as a UAE financial institution serving corporations, businesses, individuals and families with tailored financial solutions. Innovo Group said it is a construction and development company specialising in design, engineering, construction and infrastructure financing for major real estate projects, and stated that it has offices in Dubai, Abu Dhabi, Toronto, Cairo and Luanda, alongside its headquarters in London.
The announcement did not provide further details on the size, terms or specific project being financed beyond describing it as significant.
