Abu Dhabi: State-owned Abu Dhabi Ports Company (ADPC) may sell up to $1 billion (Dh3.67 billion) in bonds early next year to finance the Khalifa Port and Industrial Zone (KPIZ) in Abu Dhabi, its chief financial officer said yesterday.
ADPC has appointed National Bank of Abu Dhabi as financial adviser to draw up a long-term financial strategy. Arrangers for the bond have yet to be appointed.
"One of our options is a sukuk or bond in the first quarter of 2011 of about $1 billion," Ala Khannak said.
Abu Dhabi is investing billions of dollars to diversify its economy away from oil.
ADPC is developing the $2.18 billion KPIZ project. The first phase will be operational in fourth quarter 2012 with initial capacity of 2 million TEUs (twenty foot equivalent units) and 9 million tonnes of cargo.
The KPIZ will be built over five phases.
Forging ahead
- $2.18b: cost of KPIZ project under development
- 2m: initial capacity in first phase in TEUs
