Khalifa terminal secures funding

The AED300m agreement marks the first long-term finance solution for ADT and will help support its ambitious growth strategy and contribute to its local and global competitiveness.

Martijn Van De Linde, CEO, ADT, said: “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 said that the funding would facilities will be utilised primarily for capital expenditure, corporate services, and the re-financing of an existing short-term bridge loan.

The Abu Dhabi Terminals-managed hub at Khalifa Port handled around 650,000 teu in the first six months of 2014, equivalent to growth of 25%. Overall traffic was expected to reach 1.2m teu by the end of the year, up around 20% year-on-year.

KPCT, which first opened for business two years ago, will eventually have capacity of 2.5m teu in its first phase development. At the moment, it is limited to 2m teu, although the extra 500,000 teu will be achievable once three new quayside gantry cranes are put into operation. This will then be followed by Phase II, for which civil works are already in place.

Khalifa Port itself will eventually assume responsibility for the majority of cargo handling once undertaken by Mina Zayed, leaving just cruise ships to call at the old port.