ABU DHABI: A financial agreement has been signed between Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Terminal (KPCT) for the advancement of Port Khalifa Port Container Terminal which is the region’s first semi-automated and most technologically advanced container terminal.
The AED 300 million agreement marks the first long-term finance solution for ADT, and extends ADCB’s relationship with the terminal operator to include its complete suite of products and services. ADCB will act as the sole provider of cash management, interest rate and lending services to support ADT’s ambitious growth strategy and contribute to its local and global competitiveness.
Colin Fraser, Head of Wholesale Banking at ADCB said “ADCB is committed to playing an integral role in the development of the UAE’s critical infrastructure and is proud to be the key relationship bank for Abu Dhabi Terminals. This facility exemplifies the excellent, strategic engagement we have with ADT. We look forward to supporting the company in the future.”
ADCB’s facilities will be utilized primarily for capital expenditure, corporate services, and the re-financing of an existing short-term bridge loan. The deal is one of many initiatives undertaken by ADCB to encourage and support the socio-economic progress of Abu Dhabi through the Emirate’s strategic development goals. In line with Abu Dhabi’s vision for 2030, ADCB is setting new banking services standards for the country’s future and investing in its people, sectors and long-term policies.
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. Khalifa Port Container Terminal 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.”
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.
Ole Pugholm, CFO of Abu Dhabi Terminals, said: “We are delighted to extend our excellent relationship with ADCB to finance the future development of Khalifa Port Container Terminal. ADCB is amongst the leading banks in the region and we are confident that ADCB’s best-in-class service offerings, solutions and competitive funding will help us deliver superior shipping and logistics services to our current and future customers.”
ADCB has cemented itself as an innovative and successful institution, acting as a trusted and reliable financial partner to the UAE community. The relationship with ADT is another testament to ADCB’s continued support of the country’s ambition and future plans.
ADCB was formed in 1985 and as at 30 September, 2014 employed over 4,000 people from 62 nationalities, serving over 580,000 retail customers and approximately 49,000 corporate and SME clients in 50 branches, 3 pay offices and 2 branches in India, 1 branch in Jersey and a representative office in London. As at 30 September 2014, ADCB’s total assets were AED 198 bn.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.
ADCB is owned 59.4% by the Government of Abu Dhabi (Abu Dhabi Investment Council – 58.08% and an Abu Dhabi Government Entity – 1.35%). Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 September 2014, ADCB’s market capitalization was AED 44 bn.
Abu Dhabi Terminals’ (ADT) core business is to operate and manage Khalifa Port Container Terminal (KPCT), which is the region’s first semi-automated and most technologically advanced container terminal. Since the official inauguration on 12/12/12, KPCT has grown to support the local market with around 20 weekly container line services to more than 50 international destinations connecting Khalifa Industrial Zone Abu Dhabi (Kizad), Abu Dhabi and the wider UAE with the world markets. Abu Dhabi Terminals remains fully committed to continuously serving both the Abu Dhabi and wider UAE markets with highly productive and cost efficient ports and logistics services, ensuring that the global and local competitiveness of UAE based companies’ remains second to none.