King and Crown Prince offer condolence to Iranian president over the deadly port explosion    stc reports strong first-quarter 2025 results with 11% rise in net profit    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Mahmoud Abbas appoints Hussein Al-Sheikh as PLO vice president in key succession move    Saudi Arabia's entertainment sector attracts 76 million visitors in 2024    Third round of US-Iran nuclear talks concludes with cautious optimism    Multiple casualties reported after vehicle drives into crowd at Vancouver street festival    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi Arabia deports 12,866 illegal residents in a week    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



King Abdullah Port clinches SR2.7b financing deal for its expansion plan
Published in The Saudi Gazette on 08 - 09 - 2016

The Ports Development Company, owner and developer of the King Abdullah Port - region's first privately owned port - has announced the signing of a financial agreement with SABB and the Arab National Bank worth SR2.7 billion. 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 marks an important milestone as it will increase the port's total capacity to 6 million TEU's annually. This comes alongside the development of the ro-ro terminal with an annual storage capacity of 600 thousand vehicles, and the bulk cargo terminal, which has the capacity of handling up to 3 million tons annually. Furthermore, part of this funding will be dedicated to the development of logistical support spaces inside the port.
Engineer Abdullah Bin Muhammed Hameedadin, Managing Director at the Ports Development Company, said the King Abdullah Port has become a major gateway for import and export operations, as well as a main outlet to access new markets. He highlighted that the port significantly contributes to boosting intra-trade activities between the Kingdom and global markets, not to mention the port's significance in the activation of the maritime shipping industry and enforcing its role within the Kingdom's general transportation system, as well as restoring the Kingdom's fair share of regional and international maritime shipping taken previously by other neighboring ports.
In addition to its strategic location, the King Abdullah Port is characterized by its application of the latest state of the art technology in port operation, including the smart gate system, which will launch by the end of 2016 in addition to the port's current management system, an electronic portal bringing together stakeholders based on their needs, in order to implement various operations related to the import, export and monitoring of all kinds of goods. The port also benefits from its modern and advanced transportation network, which is designed to execute loading and transportation operations quickly and efficiently. Its proximity to the Kingdom's highways facilitates the transportation of goods with the required speed at lower costs. There is no doubt that these features, in addition to the modern infrastructure and long, deep piers (18 meters), will contribute to the activation of the port's role in enhancing the Kingdom's development journey, as well as boosting its growth by contributing to boosting trade operations. 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. — SG


Clic here to read the story from its source.