Arab National Bank (ANB) and Huta Marine Works have inked a loan agreement in the amount of $692.8 million, under which ANB will finance the construction and development of the King Abdullah Port project in Saudi Arabia.
According to Robert Eid, managing director and CEO, “This deal is part of the bank’s continuous efforts to establish a distinctive footprint in the development of the Saudi economy through supporting projects that generate tangible added value to the national economy and the community.”
King Abdullah Port is the first port in Saudi Arabia to be developed and managed by the private sector. The port will have a depth of 18 meters, it will cover about 15 sq km, and will have an annual capacity of 20 million TEUs, announced TradeArabia.
Upon completion of the development program, King Abdullah Port will become within the top 10 global ports. Located just 100 kilometers north of Jeddah, King Abdullah Port is strategically located to serve the East-West transshipment of cargo as well as the domestic volumes.
Dredging Today Staff