Bahri Dry Bulk secures financing from Bank Albilad to purchase bulk carriers

Updated 12 January 2018
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Bahri Dry Bulk secures financing from Bank Albilad to purchase bulk carriers

Bahri Dry Bulk, a business unit of global transportation and logistics company Bahri, has announced that it has secured a Shariah-compliant funding of SR360 million ($95,986,800) from Bank Albilad to finance the purchase of four new bulk carriers as part of an agreement signed by the company in 2017 with Hyundai Mipo Dockyard (HMD), a member of Hyundai Heavy Industries (HHI) Group.
The credit facility, which will be paid over six months, and has a tenure of 13 years including a three-year grace period, will be used to finance 80 percent of the agreement finalized on Aug. 27, 2017.
The company has provided all the necessary guarantees for obtaining the loan.
“We are pleased to collaborate with Bank Albilad to obtain this Shariah-compliant credit facility for purchasing the four carriers, which we signed in the fourth quarter of 2017 with Hyundai Heavy Industries (HHI) Group, to enable us to cater to the growing demand for the import of essential grains into Saudi Arabia,” said Ali Al-Harbi, CFO of Bahri.
“It also makes us proud that the financing deal with Bank Albilad, which is known for its initiatives to support the Kingdom’s business development and economic growth, contributes toward the concerted efforts made by different sectors in the country to help meet its wide-ranging needs and further cement its pre-eminent position as a global economic powerhouse,” added Al-Harbi.
Nezar Banabeela, the president of Bahri Dry Bulk, said: “The new funding from Bank Albilad is a major milestone for Bahri Dry Bulk as we are keen on expanding our business into new markets in the region and around the globe, to explore new horizons and play a key role in supporting the Kingdom in achieving its national goals.”


King Abdullah Port sponsors logistics forum

Updated 18 September 2018
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King Abdullah Port sponsors logistics forum

King Abdullah Port has signed an agreement to sponsor the Supply Chain and Logistics Conference organized by the Transport Ministry. The conference, which will take place on Oct. 15-16 in Riyadh, will be held under the patronage of Transport Minister Dr. Nabil M. Al-Amoudi. Decision-makers, experts and officials from major local and international companies involved in the supply chain and logistics sector are expected to attend.

Highlighting the importance of participating in the event, Rayan Qutub, CEO of King Abdullah Port, said: “Our sponsorship of the conference comes within our commitment to cooperate and exchange expertise with the active players of the logistics sector, which recently has been witnessing major developments in terms of business volume, innovation and solutions that complement Vision 2030 and transform Saudi Arabia into a global logistics hub by promoting its position on the Logistics Performance Index issued by the World Bank.”

“Saudi Arabia has a number of components and facilities that enable it to play a key role in this sector at the regional and global levels, and we will play our part in showcasing the best King Abdullah Port has to offer in the logistics sector, such as solutions and facilitation for investors based on the port’s strategic location on the Red Sea. The port is on the main shipping line between the East and West, which significantly enhances the Kingdom’s competitiveness and positions it among the key countries in global trade,” he added.

Qutub will participate in a session for CEOs, where participants will discuss strategic decisions to reshape and keep pace with the global system of supply chains and logistics.

King Abdullah Port previously announced an increase in container handling reaching 1,236,075 TEU during the first half of 2018, marking a new record of 50.5 percent increase compared to the same period last year. Earlier, the port announced a 21 percent increase in its annual throughput by the end of 2017, making it the second largest port in the Kingdom in terms of container handling. 

Run by the Ports Development Company, King Abdullah Port is the region’s first port to be fully owned, developed and operated by the private sector. It has been listed as the fastest growing container port in the world and one of the world’s top 100 ports after less than four years of operation. Eight of the largest shipping lines work at the port, which offers integrated services to exporters and importers.