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Abu Dhabi to seek financing for $10bn port

Abu Dhabi, July 19, 2007

State-owned Abu Dhabi Ports Co. plans to spend about $10 billion building a port and industrial-zone infrastructure in the UAE for which it will need financing, the firm's CEO said on Wednesday.

Abu Dhabi Ports may sell bonds, including sharia-compliant sukuk, to help finance construction of the Khalifa Port & Industrial Zone, chief executive officer Ahmed al-Calily told Reuters in a telephone interview.

The financing would cover infrastructure costs of a new port, heavy industry zone and a residential district, Calily said.

"We are looking at a short-term and long-term financing," Calily said. The long-term debt could include conventional bonds or Islamic bonds, he said.

The company plans to arrange a short-term loan before the end of the year and then decide on long-term financing, he said.

The project, located at Taweelah, about 35 km northeast of Abu Dhabi city, is set for completion in early 2010. - Reuters    




Tags: abu dhabi | Khalifa Port | Taweelah |

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