Arab National Bank signs credit package to develop port in King Abdullah Economic City
Arab National Bank (ANB) has Saudi Arabia, Bahrain to be linked via new King Hamad Causeway Port (KAP) in Saudi Arabia, it was reported.
The KAP is the first port in KSA to be developed and managed by the private sector in Saudi Arabia. The project is owned by the Ports Development Company at the King Abdullah Economic City (KAEC).
“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,” said Robert Eid, MD & CEO of ANB, quoted in Arab News.
The port will cover about 15 square km with a depth of 18 metres on completion. It will have an annual capacity of 20 million TEUs (twenty-foot equivalent units of containers).
Phase 1b of the port is expected to be complete in the fourth quarter of 2014, adding 2 berths with 740m of quay length, according to KAP’s website.
The KAEC is 168 million sq m project developed by Emaar, the Economic City (EEC), headed by UAE-based Emaar Properties PJSC as well as Saudi investors. The development includes a port, industrial zone, offices, residences, educational institutions, and leisure attractions.