Fujairah expansion wins financial backing
The Port of Fujairah in the United Arab Emirates has signed an agreement allowing it access to a $245 million (900 million Dirhams) credit line.
The credit has been raised through a syndicated facility and the money will be used for expanding the port’s infrastructure.
The credit line has been arranged by National Bank of Fujairah (NBF) and the Commercial Bank of Dubai. It is fully underwritten by both banks.
"The fact that the syndication loan was heavily oversubscribed is a testimony to the overall strength of the Port of Fujairah,” said Sheikh Saleh Bin Mohammed Al Sharqi, Chairman of Port of Fujairah.
“We have clearly defined our expansion plans and their objectives, which will benefit not only the port but also the commercial support services in Fujairah and the rest of the UAE.”
Captain Mousa Morad, General Manager of the Port of Fujairah, said the credit facility would allow Fujairah “to continue with realising our growth objectives."
Fujairah port was established in 1984 and quickly grew to become the largest bunker supply hub in the Middle East region and one of the world’s top three bunkering locations.
It is now looking for ways of expanding it container handling facilities to allow bigger vessels to unload.
Its bunker infrastructure has seen recent investment from Vopak Horizon Fujairah Limited, Chemoil Energy and the Vitol Group.