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UAE banks ink USD1.08b loan deal with Arabtec JV

02 Oct 2012

(MENAFN) A joint venture consisting of Dubai’s Arabtec, Turkey’s TAV Insaat, and Athens-based Consolidated Contractors Company (CCC) has inked a USD1.08 billion loan deal with a group of UAE banks, reported Arabian Business.

The loan will be used to fund the establishment of the 700,000 sq Midfield Terminal Building at Abu Dhabi’s International Airport, whose contract was awarded to the companies in June.

The project, which is forecasted to begin operations in 2017’s first half, will comprise 2 phases, the 4-year construction phase and the operational readiness assessment phase to undertake tests.

It is worth noting that the terminal will be the future home of Abu Dhabi’s Etihad Airways, and will handle 27 million passengers annually, at first.

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