Ports Development Company, owner and developer of King Abdullah Port, has signed agreements governing a SR1 billion Islamic bridge financing with Arab National Bank (ANB) and Saudi British Bank (SABB). The agreements come as part of investing these funds to speed up the expansion and development of the port's container terminals, RORO and bulk terminals, in addition to the expansion of port's berths to increase the overall capacity, all in line with the increasing demand and vast operations at King Abdullah Port. The agreement was attended by Sheikh Saleh Binladin, Chairman of Ports Development Company; Fahd Al- Rasheed, CEO at EEC - King Abdullah Economic City; Khaled Alqathami, Regional Accounts for Corporate Accounts at ANB; Loai Alzaher, VP of Project Funding at ANB; and Fahad Al-Saif, General Manager, Global Banking and Markets at SABB. Sheikh Saleh Bin Ladin affirmed that Ports Development Company continuously thrives to develop the quality of service and raise the capacity of King Abdullah Port, with a keen eye for effective communication and integration with the Saudi Ports system, working side by side to meet the growing demand of import and export, and to provide the core requirements for the construction projects in Saudi Arabia that flourish the national economy. Eng. Abdullah Hameedaddin, Managing Director of Ports Development Company, said “the signing of these agreements comes in line with our extensive efforts to receive and allocate finance to fund the expansion plans at King Abdullah Port. This financing agreement will go towards increasing the overall container capacity to handle more than 4 million containers per annum during 2016, in addition to developing the RORO and bulk berths.” King Abdullah Port, owned and developed by Ports Development Company at King Abdullah Economic City, is the first port being developed and managed by the private sector. The port is characterized by its strategic geographical location, with integrated services through the practice of the most advanced technologies and the use of local and international experts to provide the best services. The port has been included among the largest global shipping lines, through setting a well-established business plan to develop the port at a steady pace and a clear vision to become one of the leading major ports in the world. — SG
