Business | Shipping
Fujairah port gets $245m loan to finance expansion
The UAE's Port of Fujairah, operator of the world's second-largest bunkering port, said yesterday it had signed an agreement to borrow Dh900 million ($245 million) to fin-ance expansion plans.
- Reuters
- Published: 23:49 September 8, 2008
Dubai: The UAE's Port of Fujairah, operator of the world's second-largest bunkering port, said yesterday it had signed an agreement to borrow Dh900 million ($245 million) to fin-ance expansion plans.
The port's debut syndicated loan facility arranged by the National Bank of Fujairah and Commercial Bank of Dubai was heavily oversubscribed. It will be used to expand existing facilities and develop new facilities.
"We have clearly defined our expansion plans and their objectives, which will benefit not only the port but also the commercial support services in Fujairah and the rest of the UAE," said Shaikh Saleh Bin Mohammad Al Sharqi, chairman of Port of Fujairah, in a statement.
The port is wholly owned by the government of the emirate.
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