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Abu Dhabi Ports May Raise Funds Next Year as Khalifa Grows

Published: 23/10/2012 07:24:13 AM GMT
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Abu Dhabi Ports Co. may raise funds next year to meet the growth potential of its Khalifa Port as the Persian Gulf emirate boosts the development of i (more)

Abu Dhabi Ports Co. may raise funds next year to meet the growth potential of its Khalifa Port as the Persian Gulf emirate boosts the development of industries that will reduce its reliance on oil exports.

Khalifa Port, which began commercial operations last month, will handle 1.2 million TEUs, or 20-foot standard containers, by 2014, Tony Douglas, the port company's chief executive officer, said in an interview. Abu Dhabi Ports will need to order six more cranes to utilize the port's current 2.5 million TEU capacity, he said.

"There is no shortage of opportunities" to get financing "for any debt that's required," Douglas said. "There's every chance that next year we may look at syndicated financing. We have no plans to go the bonds or sukuk route."


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