Abu Dhabi’s AD Ports signs US$2b syndicated bank facility

Abu Dhabi’s AD Ports signs US$2b syndicated bank facility

Abu Dhabi-listed AD Ports Group has signed a US$2 billion financing agreement with a syndicate of 13 banks, Reuters reported.

The multi-currency general corporate facility agreement consists of three tranches of $620 million, 600 million euros ($655.32 million) and 2.86 billion dirhams ($778.87 million), all equivalent to about $2 billion, and for a period of up to two-and-a-half years, the company said in a bourse statement.

“The success in raising the $2 billion facility reflects… the confidence that the banking sector has in our organisation’s robust long-term financial performance,” said Mohamed Juma Al Shamisi, group CEO and managing director.

AD Ports Group is part of Abu Dhabi investment and holding company ADQ, which is chaired by Sheikh Tahnoun bin Zayed Al Nahyan, brother of the UAE president, who oversees a vast business empire, according to reporters.

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