Abu Dhabi's L'imad plans to spend 'billions of dollars' on port investments: Report

By Staff Writer

L'imad Holding, an Abu Dhabi sovereign wealth fund, plans to spend "tens of billions of dollars" more on new port infrastructure outside the Strait of Hormuz, Bloomberg reported.

The fund has become a key vehicle for Abu Dhabi's push to ease its dependence on the waterway that's been blocked by Iran, the news agency reported, quoting unnamed sources.

L'Imad is also moving toward acquiring up to 100 percent of Abu Dhabi Ports at a nearly $9 billion valuation, the report said.

In July, Dubai-based port operator DP World had signed an agreement with the Fujairah Ports Authority to develop two multipurpose container ports, a move to bypass the Hormuz Strait.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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