Abu Dhabi Ports raised $1 billion through the issuance of a 10-year bond that will be listed in London and Abu Dhabi. The bond issued under its recently established Euro Medium Term Note Programme was more than 4.5 times oversubscribed, according to a statement from Abu Dhabi Ports on Thursday. “The global investor response to Abu Dhabi Ports’ first joint Note Programme on the London Stock Exchange and Abu Dhabi Security Exchange has been very strong... with orders placed by over 200 institutional investors from 35 countries, including sovereign wealth funds, central banks, insurers, corporate treasuries and asset managers," said Mohamed Juma Al Shamisi, group chief executive of Abu Dhabi Ports. Abu Dhabi Ports is part of ADQ, one of the region’s largest holding companies that own stakes in companies spanning key sectors of the economy including media, utilities, aviation and healthcare, among others. It owns and manages 11 ports and terminals in the UAE and Guinea. “The Note Programme will ensure the realisation of Abu Dhabi Ports’ ambitious capital expenditure programme across our asset portfolio over the next ten years and enables us to align with the UAE’s wider economic diversification programme.” Companies in the Gulf have been taking advantage of low rates to raise debt as the region emerges from an economic downturn caused by the Covid-19 pandemic and last year's oil price plunge. Citi, First Abu Dhabi Bank and Standard Chartered Bank acted as joint global coordinators on the transaction, while HSBC, Mizuho and Societe Generale were the active joint lead managers and joint bookrunners. BNP Paribas, Credit Agricole and SMBC Nikko acted as passive joint lead managers. Abu Dhabi Ports reported revenue of $933 million in 2020, up 24 per cent over the previous year. Fitch Ratings and S&P Global Ratings both assigned Abu Dhabi Ports an A+ rating earlier this month.