Abu Dhabi Commercial Bank, ADCB, announced yesterday a financing agreement with Abu Dhabi Terminals, ADT, for the development of the Khalifa Port Container Terminal, KPCT, the region's first semi-automated and most technologically advanced container terminal.
The Dh300 million agreement marks the first long-term finance solution for ADT, and extends ADCB's relationship with the terminal operator to include its complete suite of products and services. ADCB will act as the sole provider of cash management, interest rate and lending services to support ADT's ambitious growth strategy and contribute to its local and global competitiveness.
Colin Fraser, Head of Wholesale Banking at ADCB, said, "ADCB is committed to playing an integral role in the development of the UAE's critical infrastructure and is proud to be the key relationship bank for Abu Dhabi Terminals. This facility exemplifies the excellent, strategic engagement we have with ADT. We look forward to supporting the company in the future." ADCB‘s facilities will be utilised primarily for capital expenditure, corporate services, and the re-financing of an existing short-term bridge loan. The deal is one of many initiatives undertaken by ADCB to encourage and support the socio-economic progress of Abu Dhabi through the Emirate's strategic development goals. In line with Abu Dhabi's vision for 2030, ADCB is setting new banking services standards for the country's future and investing in its people, sectors and long-term policies.
Martijn Van De Linde, CEO of Abu Dhabi Terminals, said, "We are extremely pleased to sign this long-term agreement with ADCB, a key partner for Abu Dhabi Terminals' future growth strategy. Khalifa Port Container Terminal has witnessed a 20 percent year-on-year increase in containers handled since its opening in December 2012. This important financial partnership with ADCB allows us to invest in the required expansion to support the economic growth of the UAE and at the same time provide our customers with fast and efficient services." Abu Dhabi Terminals is majority owned by the Government of Abu Dhabi through Abu Dhabi Ports Company, Mubadala and Mubadala Infrastructure Partners Ports LLC. With an exclusive 30-year concession from Abu Dhabi Ports Company, ADT operates Khalifa Port Container Terminal and is classified as a strategic semi-government entity for the Government of Abu Dhabi. Through the operation and management of KPCT, it has connected local markets to over 50 international destinations with more than 20 weekly container line services.
Ole Pugholm, CFO of Abu Dhabi Terminals, said, "We are delighted to extend our excellent relationship with ADCB to finance the future development of Khalifa Port Container Terminal. ADCB is amongst the leading banks in the region and we are confident that ADCB's best-in-class service offerings, solutions and competitive funding will help us deliver superior shipping and logistics services to our current and future customers."