Abu Dhabi: The National Bank of Abu Dhabi (NBAD), has been appointed by Abu Dhabi Ports Company (ADPC) as its financial advisor following a tender involving several global institutions, the bank announced on Saturday.
NBAD will support ADPC to structure and execute its long term financial strategy as it seeks to deliver the landmark Khalifa Port and Industrial Zone (KPIZ) project.
Funding is likely to come from a range of sources and may include bilateral and syndicated bank debt, export credit agency finance, Islamic Funding and debt capital markets.
Located midway between Abu Dhabi and Dubai in the Taweelah industrial district, KPIZ will start operations in 2012. The district spans 420 square kilometres of prime industrial land organised into vertically integrated clusters for aluminium, petrochemicals, glass, paper and other major sectors.
It will consist of a new, world-class multi-purpose offshore port and one of the largest integrated industrial zones in the world.
Phase 1 of Khalifa Port will open in 2012, replacing Abu Dhabi's existing main port of Mina Zayed. The new port will have an initial capacity of 2 million TEUs (Twenty Foot Equivalent Units), of containers and 9 million tons of general cargo. The dedicated EMAL berth will be operational later this year.
When all phases of Khalifa Port are completed, it will have a capacity of 15 million TEUs of containers and 35 million tons of general cargo.
"We are keen on having best in class partners for our developments and are very pleased to have selected NBAD as our financial advisor. It is a highly reputable bank with a strong track record. The choice was also based on the merit and relevant experience of the potential team that will be leading it," said Ala Khannak, Chief Financial Officer of ADPC.
"We are delighted to play a significant role in advising and developing this multipurpose world-class port and industrial zone," said Mark Yassin, the Senior General Manager of NBAD's Corporate and Investment Banking Division.
"NBAD is an integral part of Abu Dhabi and we are committed to serving the emirate and the UAE by supporting and financing projects in different economic sectors to help achieve the Abu Dhabi Vision 2030," Yassin said.
