JEDDAH – Ports Development Company (PDC) and Banque Saudi Fransi (BSF) have signed agreements governing an SR528 million murabaha bridge financing for the expansion of King Abdullah Port, the first privately developed and operated port in the Kingdom. King Abdullah Port has already commenced transshipment, import, and export operations and has been included in the routes of leading global shipping lines. The port's medium-term plan is to develop container capacity of 7 million TEU's (twenty foot equivalent units) in addition to RoRo, bulk and general cargo services. King Abdullah Port's long-term plan is to increase its container capacity to 20 million TEU's. As a leader in Islamic project and structured finance in Saudi Arabia, BSF is proud to have arranged the bridge financing for PDC given the importance of King Abdullah Port, and the bank looks forward to assisting the company with its future financing needs as King Abdullah Port continues to grow. — SG
