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Port of Fujairah funds development plan

Port of Fujairah has announced plans to enhance its infrastructure after securing a US$245 million syndicated loan.
FACILITY ENHANCEMENT: Port of Fujairah secures US$245 million in funding
FACILITY ENHANCEMENT: Port of Fujairah secures US$245 million in funding

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Port of Fujairah has announced plans to enhance its infrastructure after securing a US$245 million syndicated loan from National Bank of Fujairah and Commercial Bank of Dubai.

The Middle Eastern port, which is the second largest bunkering location worldwide, has previously funded its development programmes with internal cash generations, making this its debut syndicated facility.

“The fact that the syndication loan was heavily oversubscribed is testimony to the overall strength of the Port of Fujairah,” said His Highness Sheikh Saleh Bin Mohammed Al Sharqi, chairman of Port of Fujairah and the department of industry and economy, government of Fujairah.

“We have clearly defined our expansion plans and objectives, which will not only benefit the port but also the commercial support services in Fujairah and the rest of the UAE,” he added.

The $245 million loan, which was arranged by National Bank of Fujairah as the initial mandated lead arranger and Commercial Bank of Dubai as the mandated lead arranger, has been fully underwritten by both banks.

“On behalf of all banks in the syndicate, we would like to extend our congratulations to the Port of Fujairah for successfully closing their first syndicated facility," said Steve Mullins, CEO of the National Bank of Fujairah. “We would also like to thank the banks for their support and for demonstrating a high degree of confidence in the management and growth plans of the port."

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