By Lucy Barnard www.thenational.ae
The construction of Abu Dhabi Airport’s Dh10.8bn (US$2.94bn) Midfield Terminal building moved a step closer yesterday as the project secured a key funding deal.
A consortium of banks has agreed to provide a Dh4 billion (US$1.08bn) syndicated loan to finance construction of the 700,000 square metre terminal, which is being built for the Abu Dhabi Airports Company (Adac) by a joint-venture company created by Arabtec, TAV Construction and Consolidated Contractors’ Company (CCC).
The consortium, which includes Mashreq Bank, Al Hilal Bank, First Gulf Bank, Union National Bank and Arab Bank, signed a contracting deal with the TAV-CCC-Arabtec joint venture for the construction of the building.
Al Hilal Bank, First Gulf Bank, Mashreq and Union National Bank co-led the financing coordinated by Mashreq. Arab Bank acted as lead arranger. More info