Dredging at King Abdullah Port in Full Swing
- Business & Finance
The King Abdullah Port development program, undertaken by Huta Marine Works Ltd, is progressing steadily.
Last year, Arab National Bank (ANB) and Huta Marine Works inked a loan agreement in the amount of $692.8 million, under which ANB will finance this capital development scheme.
King Abdullah Port is the first port in Saudi Arabia to be developed and managed by the private sector.
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.