DUBAI: Abu Dhabi Ports, which owns and operates 11 ports and terminals in the United Arab Emirates and Guinea, has secured a $1 billion loan with a group of banks, two sources said.
Nine banks provided the facility, with Citi and First Abu Dhabi Bank having lead roles in the transaction, the first source said on condition of anonymity.
The source added that HSBC and Standard Chartered were also involved in the loan for the company, which is owned by Abu Dhabi state holding company ADQ.
Abu Dhabi Ports, FAB, HSBC and Standard Chartered did not immediately respond to Reuters requests for comment. Citi declined to comment.
Issuers in the Gulf have been raising debt, seeking to benefit from low rates as the region emerges from an economic downturn caused by the COVID-19 pandemic and last year's oil price plunge.
Abu Dhabi Ports was also likely to issue bonds soon, the second said. Fitch Ratings and S&P Global Ratings both assigned the company an A+ credit rating on Thursday.
ADQ, which sovereign wealth fund tracker Global SWF said last month was worth $110 billion, has gained prominence in the past year as Abu Dhabi consolidated several government assets under its banner.
Another ADQ subsidiary, power utility TAQA, raised $1.5 billion in a bond deal last week. Food and beverages group Agthia, also owned by ADQ, mainly used bank debt to finance its acquisition of three quarters of Egypt's Ismailia Agricultural and Industrial Investment.
Abu Dhabi Ports said to raise $1 billion loan
https://arab.news/27cm8
Abu Dhabi Ports said to raise $1 billion loan
- Abu Dhabi Ports likely to issue bonds soon
- TAQA raised $1.5 billion in a bond deal last week
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
