Abu Dhabi: Abu Dhabi Commercial Bank (Adcb) on Sunday announced Dh300 million financing agreement with Abu Dhabi Terminals (Adt) to develop Khalifa Port Container Terminal.
The money would be used in building new facilities and increasing the capacity of the terminal, an official from Abu Dhabi Terminals told Gulf News.
“It is a strategic investment. We are going to upgrade facilities in the port to support Abu Dhabi vision 2030,” said Ole Pugholm, chief financial officer of Abu Dhabi Terminals.
The capacity of the port will be increased from 2 million TEUs (twenty-foot equivalent unit) to 2.5 million TEUs by 2017, Pugholm said. “The plan is to build packaging facilities for Borouge Company and buy shuttle cranes. Part of the money will also be used in upgrading IT infrastructure,” he said.
Martijn Van De Linde, CEO of Abu Dhabi Terminals, said Khalifa Port has witnessed a 20 per cent 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.
Adcb said the deal is one of many initiatives undertaken by the bank to encourage and support the socioeconomic progress of Abu Dhabi through the Emirate’s strategic development goals.
