First AED1bn of funding arranged for Khalifa Port

16 December 2007
Abu Dhabi Ports Company (ADPC) has signed a AED1.1bn ($299m) revolving credit facility with National Bank of Abu Dhabi to finance the development of Khalifa Port at Taweelah.

The one-year funding agreement will serve as an initial financing package before a multi-billion-dollar project finance deal is arranged in 2008. ADPC is still evaluating the exact structure of the long term financing it will raise, and could include an Islamic tranche in the deal.

Construction of the port halfway between Abu Dhabi and Dubai is expected to be completed by the end of 2010 and the total project costs are estimated to be around $10bn.

The Khalifa Port and Industrial Zone project will involve the development of over 100 square kilometres of free zones in addition to the port.

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