A Dh300m (US$81.65m) deal has been agreed between the Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Terminals (ADT) for the expansion of the Khalifa Port Container Terminal (KPCT) to support its local and global growth strategy.
The funding will be utilised primarily for capital expenditure, corporate services and the re-financing of an existing short-term bridge loan
Since it opened in December 2012, Khalifa Port Container Terminal has seen a 20% year-on-year increase in containers handled.
Martijn Van De Linde, CEO at ADT, said: “This important financial partnership with ADCB allows us to invest in the required expansion to support the economic growth of the UAE and at the same time provide our customers with fast and efficient services. We are extremely pleased to sign this long-term agreement with ADCB, a key partner for Abu Dhabi Terminals’ future growth strategy”.
ADT is majority owned by the Government of Abu Dhabi through Abu Dhabi Ports Company, Mubadala and Mubadala Infrastructure Partners Ports. The company has an exclusive 30-year concession to operate Khalifa Port Container Terminal.
(Source: TradeArabia News Service)