Abu Dhabi Ports Co. plans to promote extra debt to help funding after a debut bond of $1 billion on Wednesday.

The federal government-owned port operator within the capital of the United Arab Emirates will take a look at a mixture of loans, bonds and sukuk in addition to potential money injections from its proprietor to fund progress, Chief Monetary Officer Martin Aarup stated in an interview. The corporate is planning $4.2 billion in funding over the subsequent 5 years and will spend extra on acquisitions, he added.

Demand for the bond, which was about 4.5 instances oversubscribed, “displays worldwide confidence within the energy of our enterprise and our technique,” Abu Dhabi Ports Chairman Falah Mohamed Al Ahbabi stated in a press release. The debut sale may even assist the nation push to diversify its financial system and funding sources, he stated.

The UAE, the third-biggest producer within the Group of Petroleum Exporting Nations, has used its oil wealth to broaden its financial system, diversifying into industries like tourism and creating world transport and commerce hubs. These companies suffered final 12 months because the coronavirus pandemic slashed vitality use, minimize air journey and blocked commerce flows.

Quantity dealt with by Abu Dhabi Ports, which is owned by authorities funding firm ADQ, has largely returned to ranges seen earlier than the pandemic, stated Ross Thompson, the port operator’s chief technique officer. Visits by cruise strains and shipments of latest vehicles are nonetheless beneath pre-pandemic ranges and more likely to stay subdued for some time longer, he stated.

Abu Dhabi Ports boosted gross sales by 24% final 12 months to $933 million. Adjusted earnings earlier than curiosity, tax, depreciation and amortization rose 37% to $422 million.

The corporate goals to proceed rising at double digit charges, Aarup stated. It has no plans to promote shares to buyers and might fund funding with money move, debt and extra fairness from ADQ.