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Tuesday, 25 January 2011

Abu Dhabi Ports cancels plan to sell bonds in 2011, UAE Industries - Maktoob News

State-owned Abu Dhabi Ports Co (ADPC) has cancelled plans to issue bonds this year after securing enough financing for its $7.2 billion Khalifa Port & Industrial Zone through its lenders.

Chief executive Tony Douglas also said on Tuesday he expected 7 percent growth in container volumes in 2011 due to the large pipeline of projects under way in Abu Dhabi, the wealthiest emirate in the UAE.

ADPC said in July it may sell up to $1 billion in bonds in the first quarter of 2011 and had appointed National Bank of Abu Dhabi as financial advisor to draw up a long-term financial strategy.