Arab National Bank (ANB), as mandated lead arranger, signed a credit finance package worth SR2.683 billion with Huta Marine Works Ltd. to help finance further the construction and development works of King Abdullah Port (KAP) project.

Owned by Ports Development Company (PDC) at King Abdullah Economic City, KAP is the first port in the Kingdom to be developed and managed by the private sector. PDC is equally owned by Huta Marine Works Ltd. and Emaar the Economic City.

Commenting on the agreement, Robert Eid, MD & CEO of ANB, said: “This deal is part of the bank’s continuous efforts to establish a distinctive footprint in the development of the Saudi economy through supporting projects that generate tangible added value to the national economy and the community.”

KAP will become within the top 10 global ports upon completion of port construction works. The port will cover about 15 square km, and have a depth of 18 meters and an annual capacity of 20 million TEUs (twenty-foot equivalent units of containers).

KAP is designed to become one of the most effective and globally connected ports in the Middle East and is set to recapture the Kingdom’s share of regional shipping operations.