Huge Khalifa port project names financial advisor

The Khalifa Port and Industrial Zone (KPIZ) project is weeks away from a landmark first stage.

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The National Bank of Abu Dhabi (NBAD) has been appointed as financial advisor to Abu Dhabi Ports Company (ADPC) as it prepares to deliver its infamous Khalifa Port and Industrial Zone (KPIZ) project.

The announcement follows a grueling tender process, during which several global institutions sought to advise ADPC on structuring and executing its long term financial strategy when developing and commissioning a number of ports along Abu Dhabi’s coastline.

According to ADPC, this latest project, due to commence in weeks, will receive funding from a variety of sources, including bilateral and syndicated bank debt, export credit agency finance, Islamic Funding and debt capital markets.

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Chief Financial Officer Ala Khannak said: “We are keen on having best in class partners for our developments and are very pleased to have selected NBAD as our financial advisor.

“It is a highly reputable bank with a strong track record. The choice was also based on the merit and relevant experience of the potential team that will be leading it.”

Located midway between Abu Dhabi and Dubai in the Taweelah industrial district, and set to replace Abu Dhabi’s existing main port of Mina Zayed, the notorious KPIZ project still has a large number of construction contracts outstanding, which are due to be awarded soon.

Set to be one of the largest integrated industrial zones in the world, with a capacity of 15 million containers (twenty foot equivalent units or TEUs) and 35 million tonnes of general cargo, the project requires only the best expertise to ensure the project is delivered to the highest standards.

According to the developers, it will be one of the most exciting port and industrial zone projects in the world, and a pillar of the Abu Dhabi 2030 vision in terms of developing the infrastructure of the Emirate.

NBAD’s Corporate and Investment Banking Division’s Senior General Manager Mark Yassin said: “We are delighted to play a significant role in advising and developing this multipurpose world-class port and industrial zone.

“NBAD is an integral part of Abu Dhabi and we are committed to serving the emirate and the UAE by supporting and financing projects in different economic sectors to help achieve the Abu Dhabi Vision 2030.”

On completion, the KPIZ development will be comprised of 420km² of prime industrial land organized into vertically integrated clusters for aluminium, petrochemicals, glass, paper and other major sectors.

Though the dedicated EMAL berth will be operational later this year, Phase 1 of the project will open 2012, with an initial of capacity of 2 million TEUs and 9 million tonnes of general cargo.