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.
The announcement comes nearly four months after Adac awarded the prestigious contract to build the Kohn Pedersen Fox-designed terminal building to the joint venture for Dh10.8bn.
About 84,000 tonnes of steel will be used to build the terminal, which will have a roof area of 225,000 square meters and a total facade area of 200,000 square metres. It will be capable of handling 27 million passengers per year.