Abu Dhabi Ports (AD Ports) Group has signed a “General Corporate Facility” agreement with a syndicate of 13 regional and international banks, securing a multi-currency facility of around $2bn. The facility includes three tranches with a tenure of up to 2.5 years, and was oversubscribed with commitments totalling $7.4bn. AD Ports’ CEO, Captain Mohamed Juma Al Shamisi, stated that the successful raising of the facility reinforces the ports group’s strong financial position and its ambitious strategic development plans. The facility’s coordinators and book runners were First Abu Dhabi Bank and Citibank, while the lead arrangers included Standard Chartered Bank, BNP Paribas, and HSBC Bank Middle East.
Additionally, AD Ports recently completed the merger of KEZAD Communities and Al Eskan Al Jamae into an integrated staff accommodation company worth $1.9bn. It also closed several deals, including a 30-year concession agreement with the Egyptian government to develop, manage, and operate the Egyptian multi-purpose terminal in the Red Sea port of Safaga, and a partnership with Egypt’s Suez Canal Economic Zone to develop projects in ports within the economic zone.