Abu Dhabi Ports Company (ADPC) has appointed the National Bank of Abu Dhabi (NBAD) as financial advisor for its ($2.18bn) Khalifa Port and Industrial Zone (KPIZ) project.
NBAD will support ADPC in structuring and executing its long term financial strategy on the KPIZ project which is due for completion in 2030. The mandate is one of the first for NBAD since the appointment of Nathan Weatherstone as head of project finance advisory in June.
ADPC still has about $1.4bn worth of construction contracts to award at Khalifa port.
In May, ADPC restructured the $381m infrastructure contract as a design and build contract due to reductions in the scope of work.
Phase one of Khalifa port is expected to be operational in 2012 and will have an initial capacity of 2 million twenty-foot equivalent units (TEUs) a year and 8 million tonnes of general cargo.
The five-phase project is not expected to be completed until 2030. The entire port will have total capacity of 15 million TEUs and 35 million tonnes of general cargo once completed.
Khalifa Port is designed to replace the ageing Mina Zayed as the capital’s sea-trade hub. It will have an offshore port and onshore facilities.