King Abdullah Port Bullish on Prospects
King Abdullah Port (KAP) in Rabigh aims at being part of the overall development of the Saudi economy, which is the largest economy in the region and among the top 20 in the world, said Abdullah Hameedaddin, managing director of Ports Development Company (PDC), according to a report in the Arab News.
“King Abdullah Port also takes pride in its high-tech superstructures, as they are some of the most advanced in the world and already optimized to service vessels and operate terminals for decades to come,” Hameedaddin said.
A significant volume of goods destined for the Saudi market goes through other ports in the region and authorities at King Abdullah Port (KAP) in Rabigh are targeting these goods as their main challenge in order to boost trade.
In less than 6 months from delivering the 3rd berth, Ports Development Company, owner and developer of KAP, announced the handing over of the fourth berth at KAP to National Container Terminal Co. after fulfilling all Saudi Coast Guards and Customs requirements, where the cooperation between governmental agencies and King Abdullah Port was key to effective business development within the port.
The berth was constructed according to highest international standards and with the latest fittings and systems that will enhance the overall performance and contribute to receiving more vessels and containers at the port to meet the growing demand for import and export through King Abdullah Port.
Hameedaddin added “the fourth berth is considered one of the important developmental stages at King Abdullah Port, especially which the developing and handing over the fourth berth comes only 1.5 years after the start of port operations.
Functioning the 4th berth will accumulate a total length of 1,400 meters in berth size at a depth of 18 meters, which will contribute to the major increase in the port’s container storage capacity, reaching 3 million containers per year at King Abdullah Port.”
Meanwhile, Ports Development Company, owner and developer of King Abdullah Port, has signed agreements governing a SR1 billion Islamic bridge financing with Arab National Bank (ANB) and Saudi British Bank (SABB).
The agreements come as part of investing these funds to speed up the expansion and development of the port's container terminals, RORO and bulk terminals, in addition to the expansion of port's berths to increase the overall capacity, all in line with the increasing demand and vast operations at King Abdullah Port.
Hameedaddin said "the signing of these agreements comes in line with our extensive efforts to receive and allocate finance to fund the expansion plans at King Abdullah Port. This financing agreement will go towards increasing the overall container capacity to handle more than 4 million containers per annum during 2016, in addition to developing the RORO and bulk berths."
King Abdullah Port, 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.
