Saudi foreign reserves rose 1.7% in March to $449 billion

Saudi foreign reserves rose 1.7% in March to $449 billion
Saudi foreign reserves rose 1.7% in March to $449 billion

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Jeddah - Yasmine El Tohamy - RIYADH: Abu Dhabi Ports Co. plans to sell more debt to support investment after selling its first bond of $1 billion on Wednesday, Bloomberg reported.

The government-owned port operator in Abu Dhabi will look at a mix of loans, bonds and sukuk as well as potential cash injections from its owner to fund growth, CFO Martin Aarup said in an interview on Wednesday.

The company is planning $4.2 billion in investment over the next five years and could spend more on acquisitions, he said.

Demand for the bond, which was about 4.5 times oversubscribed, “reflects international confidence in the strength of our business and our strategy,” Abu Dhabi Ports Chairman Falah Mohamed Al Ahbabi said in a statement.

The debut sale will also help the country push to diversify its economy and funding sources, he said.

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