EP governor launches first Saudi cargo village

Updated 07 April 2015
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EP governor launches first Saudi cargo village

King Fahd International Airport (KFIA), one of the region’s fastest growing and leading international airports, Tuesday unveiled its cargo village.
The launch event was presided over by Eastern Province Gov. Prince Saud bin Naif, in the presence of Sulaiman Abdullah Al-Hamdan, president of the General Authority for Civil Aviation (GACA), royal family members, top executives of several public departments and the top management of KFIA.
The cargo village is spread over half a million square meters. More than 70 percent of goods bound for the Gulf region are destined for the Kingdom, and by facilitating operations the cargo village positions KFIA as a multi-modal shipment and clearance destination, directly serving the Eastern Province and the Kingdom.
The new facility offers direct access to Saudi Arabia and bypasses the need for cargo to transship through neighboring countries.
Al-Hamdan said: "We are delighted by the launch of the first cargo village in the Kingdom, and we believe that it will play a vital role in supporting the Saudi economy. KFIA’s cargo village offers ease of shipping and cargo services while serving as a regional hub for global companies. Most importantly, the cargo village creates new economic and employment opportunities for the Eastern Province.”
For the planning and implementation of the cargo cillage, KFIA has worked in cooperation with Saudi Customs and Changi Airports International (CAI).
The cargo village has been designed to the latest international standards and has been customized to maximize convenience for airlines and freight companies operating from KFIA. The cargo village guarantees express cargo delivery with reduced shipping times and increases cargo capacity, promising operating efficiencies for freight companies.
KFIA Director-General Yousef Al-Dhahri said: “King Fahd International Airport is proud to present to Dammam, the Kingdom and the region this dynamic facility revolutionizing the way cargo is handled in the region. With our continued partnership with Changi Airports International and their efforts, we are on track to becoming one of the region’s leading aviation hubs serving both passenger and cargo traffic. We anticipate that we will soon be starting the next phase as the demand for facilities is expected to grow strongly.”
CAI CEO Lim Liang Song lauded the close working partnership among CAI, KFIA and Saudi Customs. He said: “We are proud to be part of this partnership in bringing this innovative facility to Dammam. The cargo village will provide greater connectivity and cost efficiencies, and enhance KFIA’s position as a key regional cargo hub on the Eastern seaboard of the Kingdom.”
The two-year construction commenced in December 2012 and is now fully operational. The first of its kind for multimodal facilities in the Kingdom, the cargo village has attracted leading international and regional freight companies, such as DHL Express, NAQEL, SMSA Express, TNT and UPS, to establish express cargo clearance facilities and offices at the King Fahd Cargo Village.


Bahrain’s Bapco completes multibillion-dollar financing

Updated 37 min 20 sec ago
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Bahrain’s Bapco completes multibillion-dollar financing

DUBAI: State-run Bahrain Petroleum Co. (Bapco) has completed a multibillion-dollar financing aimed at expanding its refining capacity to 380,000 barrels per day (bpd) from 267,000 bpd.
Bahrain, a small non-OPEC Gulf oil producer with around 124.6 million barrels of proven reserves, gets its oil revenue from two fields: the onshore Bahrain field, and the offshore Abu Safah field, which is shared with Saudi Arabia.
Around 88 percent of the crude that Bapco refines comes from neighboring Saudi Arabia, and the rest from Bahrain’s field.
The refinery’s expansion is projected to be completed by 2022, Bapco said in a statement on Sunday.
It did not disclose the size of the financing, but sources previously told Reuters it was over $4 billion.
Five export credit agencies and a syndicate of 21 commercial banks — regional and international — took part in the financing, which includes conventional and Islamic loans, Bapco said.
BNP Paribas, HSBC Middle East and Verus Partners advised the firm on the deal.