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Tue 5 Feb 2008 01:45 PM

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Abu Dhabi Ports borrows $125mn to fund construciton

Firm secures one-year revolving credit facility to help finance $10bn Khalifa Port project.

HSBC said on Tuesday it has signed a deal to provide state-owned Abu Dhabi Ports Company (ADPC) with a 459 million-dirham ($125 million) one-year revolving credit facility.

The arrangement is the second bridge facility arranged by HSBC for ADPC to meet initial construction costs of the Khalifa Port in Abu Dhabi, the lender said in a statement.

ADPC has agreed a 1.1 billion dirham ($300 million) loan with National Bank of Abu Dhabi (NBAD) in December in its first financing deal for a $10 billion port and industrial zone.

Abu Dhabi Ports is the master developer of the Khalifa Port and Industrial Zone, located between the cities of Abu Dhabi and Dubai.

The company plans to spend about $10 billion on the project and finance it through conventional and Islamic bonds, Chief Executive Ahmed Al-Calily said in July. (Reuters)

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