Home Stock Market The Abu Dhabi Port increased its loan by $ 1 billion, Reuters...

The Abu Dhabi Port increased its loan by $ 1 billion, Reuters sources said

© Reuters. FILE PHOTO: Containers seen at the Khalifa Port of Abu Dhabi after it was expanded in Abu Dhabi

By Yousef Saba

DUBAI (Reuters) – The Abu Dhabi Ports, which own and operate 11 ports and terminals in the United Arab Emirates and Guinea, have secured a $ 1 billion loan with a group of banks, two sources said. know.

Nine banks provided the facility, with Citi and First Abu Dhabi Bank having a key role in the transaction, the first source said on condition of anonymity.

The source added that HSBC and Standard Chartered (OTC 🙂 are also involved in the loan to the company, owned by the state-owned ADQ company in Abu Dhabi.

The ports of Abu Dhabi, FAB, HSBC and Standard Chartered did not immediately respond to a Reuters request for comment. Citi declined to comment.

Issuers in the Gulf are increasing their debt, looking to benefit from low interest rates as the region experiences an economic slowdown caused by the COVID-19 pandemic and plunging oil prices last year.

The Abu Dhabi ports are also likely to issue bonds soon, the second person said. Fitch Ratings and S&P Global (NYSE 🙂 Ratings both assigned the A + credit rating company on Thursday.

ADQ, which tracks the sovereign wealth fund Global SWF, said last month its $ 110 billion worth stood in prominence over the past year as Abu Dhabi merged several government assets under its banner.

Another ADQ subsidiary, power company TAQA, raised $ 1.5 billion in a bond deal last week. Agthia Food and Beverage Corporation, also owned by ADQ, mainly used bank debt to finance the acquisition of three-quarters of Egypt’s Ismailia Industrial and Agricultural Investment.

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