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