King Abdullah Port Inks Deal with SABB and ANB
- Business & Finance
The Ports Development Company, owner and developer of the King Abdullah Port, has announced the signing of a financial agreement with SABB – Saudi British Bank and the Arab National Bank (ANB) worth 2.7 billion SAR (around $720 million).
The agreement aims to move forward with the development and expansion of the port’s facilities, thus meeting the growing demand for its services as a regional and international strategic gateway.
Through this agreement, The Ports Development Company will work to provide proper financing for the next phase of expansion and development for the port’s southern basin, which includes an additional container terminal, a ro-ro terminal and a bulk cargo terminal.
This development project should mark an important milestone as it will increase the port’s total capacity to 6 million TEU’s annually.
Raising the port’s capacity
King Abdullah port has fulfilled a number of achievements during a relatively short period.
From an operational perspective, the fourth pier was opened in May 2015 as planned, raising the port’s capacity to around 3 million containers. The pier was established and operating in record time, and was equipped with state of the art cranes that can carry up to 65 tons or 25 containers.
This fourth pier had a major impact on the increase in number of TEU’s to 1.3 million the Port handled this year alone.
Additionally, the port’s management expects the completion of the first phase of bulk and ro-ro cargo terminals to take place by beginning of 2017.