Business | Banking
ADPC signs Dh459m credit facility with HSBC
The Abu Dhabi Ports Company (ADPC) and HSBC signed a one-year Dh459 million revolving credit facility with HSBC.
- WAM
- Published: 00:15 February 7, 2008
Abu Dhabi: The Abu Dhabi Ports Company (ADPC) and HSBC signed a one-year Dh459 million revolving credit facility with HSBC.
Ahmad Al Kalily, CEO and managing director of ADPC, and Youssuf Nasr, chief executive officer of HSBC Middle East, attended the signing of the agreement yesterday.
The arrangement is the second bridge facility arranged for ADPC to meet the initial construction costs of Khalifa Port.
ADPC appointed HSBC in July 2007 to provide financial advisory services to Abu Dhabi's Khalifa Port and Industrial Zone (KPIZ) project.
Strategically located between the cities of Abu Dhabi and Dubai in Taweelah, Khalifa Port and Industrial Zone (KPIZ) is a multi-billion dollar project designed as a multi-purpose facility that involves the construction of a world-scale container and industrial port in addition to the development of over 100 square kilometres of industrial, logistics, commercial, educational, and residential special economic and free zones.
KPIZ is expected to play a vital role in Abu Dhabi's industrial and economic diversification by serving as a key hub for large scale industrial investments that will be serviced by state-of-the-art infrastructure facilities and services.
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