State-owned Abu Dhabi Ports Company has agreed to a 1.1 billion dirham ($300 million) loan with National Bank of Abu Dhabi (NBAD) in its first financing deal for a $10 billion port and industrial zone, the bank said on Sunday.
The facility will cover the initial construction costs of Khalifa Port, NBAD said in a statement.
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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