Abu Dhabi´s AD Ports Group has signed a General Corporate Facility agreement to around USD 2 billion with a syndicate of 13 regional and international banks.

The multi-currency facility, equivalent to around USD 2 billion, includes three tranches amounting to €600 million, $620 million, and AED 2,863 million for a period of up to 2.5 years.

The demand for the facility was overwhelming, with commitments of USD 7.4 billion in total from the participating banks, as it is said by the group.

Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “The success in raising the USD 2 billion facility reflects our profitable and enduring business as well as underscoring AD Ports Group’s strong financial position and the confidence that the banking sector has in our organisation’s robust long-term financial performance. This recent announcement also goes further to reinforce our ambitious strategic development plans and the UAE’s wise leadership’s vision for economic diversification.”

Abu Dhabi Bank and Citibank were the co-ordinators and bookrunners, while Mizuho Bank and Abu Dhabi Commercial Bank were the additional bookrunners. Société Générale and Emirates NBD Capital Limited acted as Mandated Lead Arrangers.

Standard Chartered Bank, HSBC Bank Middle East, BNP Paribas, Crédit Agricole Corporate and Investment Bank and Bank of China were Lead Arrangers while Sumitomo Mitsui Banking Corporation and Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch acted as Arrangers.

The Facility Agent for the agreement is Abu Dhabi Commercial Bank.