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Abu Dhabi Ports eyes $1b bond in 2011
ABU DHABI - State-owned Abu Dhabi Ports Company (ADPC) may sell up to $1 billion in bonds early next year to finance the Khalifa Port and Industrial Zone (KPIZ) in Abu Dhabi, its chief financial officer said on Monday.
ADPC has appointed National Bank of Abu Dhabi as financial advisor to draw up a long-term financial strategy. Arrangers for the bond have yet to be appointed.
“One of our options is a sukuk or bond in the first quarter of 2011 of about $1 billion,” Ala Khannak told Reuters. In a telephone interview, Khannak said the ports operator is working closely with Abu Dhabi’s Debt Management Office.
ADPC is developing the $2.18 billion KPIZ project, located midway between Abu Dhabi and Dubai in Taweelah. The first phase will be operational in fourth quarter 2012 with initial capacity of 2 million TEUs and nine million tonnes of cargo.
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