Specialized Marine Services Company (SMS), a joint venture between Ports Development Company and National Port Services, signed a murabaha and ijara financial loan agreement totaling SR121.5 million with Saudi Hollandi Bank (SHB).

Aquilino Cornelio, acting regional head of SHB, signed the agreement with his counterpart Abdullah Hameedaddin, chairman of the board of directors of SMS in the presence of board member Ziad Kanaan and top officials from both sides.

This agreement comes in the framework of extensive efforts being made and implemented by Ports Development Company, owner and developer of King Abdullah Port (KAP) at King Abdullah Economic City, and SMS to continuously expand the standard of marine services at KAP and implementing the most up-to-date and global necessary techniques to present a fresh and innovative understanding of marine services in the Kingdom.

As there is a constant growth and demand of ships and naval vessels in and out of the Kingdom through the country’s ports, SMS is putting forth a strategy that presents the highest rate of services within KAP such as checkups for ships under water and diagnostics of ships on the hands of professional experts in that field.

SHB, the first operating bank in the Kingdom founded in 1926, is a pioneering institution in Islamic financial banking and key player in supporting various and vital Saudi projects that seeks to the development and nurture of the local business economy.

KAP, owned and developed by Ports Development Company at King Abdullah Economic City, is the first port being developed and managed by the private sector.

The port is characterized by its strategic geographical location, with integrated services through the practice of the most advanced technologies and the use of local and international experts to provide the best services.

The port has been included among the largest global shipping lines, through setting a well-established business plan to develop the port at a steady pace and a clear vision to become one of the major ports in the world.