Tuesday 19 March 2024
 
»
 
»
Story

ADCB deal ..... first long-term finance solution for ADT.

Abu Dhabi Terminals wins funding for port development

ABU DHABI, January 7, 2015

Abu Dhabi Commercial Bank (ADCB) has sealed a financing agreement with Abu Dhabi Terminals (ADT) for the development of the Khalifa Port Container Terminal (KPCT), the region’s first semi-automated and most technologically advanced container terminal.

ADT is majority owned by the Government of Abu Dhabi through Abu Dhabi Ports Company, Mubadala and Mubadala Infrastructure Partners Ports.

The Dh300 million ($81.6 million) deal marks the first long-term finance solution for ADT, and extends the Abu Dhabi lender’s relationship with the terminal operator to include its complete suite of products and services.

ADCB will act as the sole provider of cash management, interest rate and lending services to support ADT’s ambitious growth strategy, said a statement from the company.

Colin Fraser, the head of wholesale banking at ADCB said: "We are committed to playing an integral role in the development of the UAE’s critical infrastructure and proud to be the key relationship bank for Abu Dhabi Terminals."

"This facility exemplifies the excellent, strategic engagement we have with ADT. We look forward to supporting the company in the future," he added.

ADCB said its facilities will be utilised primarily for capital expenditure, corporate services, and the re-financing of an existing short-term bridge loan. The deal is one of many initiatives undertaken by ADCB to encourage and support the socio-economic progress of Abu Dhabi through the Emirate’s strategic development goals.

Commenting on the deal, Martijn Van De Linde, the chief executive of Abu Dhabi Terminals, said: "We are extremely pleased to sign this long-term agreement with ADCB, a key partner for our future growth strategy. 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."

Khalifa Port Container Terminal has witnessed a 20 per cent year-on-year increase in containers handled since its opening in December 2012, he added.-TradeArabia News Service

 




Tags: ADCB | Financing | Ports | Abu Dhabi Terminals |

More Construction & Real Estate Stories

calendarCalendar of Events

Ads