Abu Dhabi Terminals (ADT) has announced a financing agreement with Abu Dhabi Commercial Bank (ADCB) for the development of Khalifa Port Container Terminal (KPCT).
This AED 300 million ($81.6 million) agreement marks the first long-term finance solution for ADT and extends ADCB’s relationship with the terminal operator to support ADT’s ambitious growth strategy and contribute to its local and global competitiveness.
Martijn Van De Linde, CEO of Abu Dhabi Terminals, said: “We are extremely pleased to sign this long-term agreement with ADCB, a key partner for Abu Dhabi Terminals’ future growth strategy. KPCT has witnessed a 20% 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.”
ADT’s core business is to operate and manage KPCT, which is the region’s first semi-automated and most technologically advanced container terminal.
Since the official inauguration, KPCT has grown to support the local market with around 20 weekly container line services that connect KIZAD (Khalifa Industrial Zone Abu Dhabi), Abu Dhabi and the wider UAE with the world markets.