King Abdullah Port gets US$720 million for second phase expansion
SAUDI Arabia's first fully privately owned port, King Abdullah Port (KAP), has secured a SAR2.7 billion (US$720 million) Arab National Bank and Saudi Arabia British Bank loan for the building of a new container facility, ro-ro and bulk terminals.
This second phase of KAP's master plan will double annual container capacity to six million TEU, ro-ro storage capacity to 600,000 vehicles and enhance its bulk cargo handling capacity to three million tonnes, reported Colchester's Seatrade Maritime News.
A portion of the 14-year loan will also be dedicated to the development of a logistics hub inside the port.
KAP's container throughput in 2015 soared 73 per cent to 1.3 million TEU while Japan ro-ro operator NYK has committed to two new ro-ro berths. The first phase of bulk and ro-ro cargo terminals is scheduled to be completed by early next year.
Managing director of Ports Development Company which owns and operates KAP, Abdullah Bin Muhammed Hameedadin, who's an engineer, has overseen a number of key developments in the port's short history including the opening of a fourth pier in May last year, raising container capacity to around three million TEU.
KAP occupies a total area of 16 square kilometres and is linked to King Abdullah Economic City's Industrial Valley and bonded zone. Once complete, KAP will be able to handle 20 million TEU, 1.5 million vehicles and 15 million tonnes of clean bulk cargo annually.
SAUDI Arabia's first fully privately owned port, King Abdullah Port (KAP), has secured a SAR2.7 billion (US$720 million) Arab National Bank and Saudi Arabia British Bank loan for the building of a new container facility, ro-ro and bulk terminals.
This second phase of KAP's master plan will double annual container capacity to six million TEU, ro-ro storage capacity to 600,000 vehicles and enhance its bulk cargo handling capacity to three million tonnes, reported Colchester's Seatrade Maritime News.
A portion of the 14-year loan will also be dedicated to the development of a logistics hub inside the port.
KAP's container throughput in 2015 soared 73 per cent to 1.3 million TEU while Japan ro-ro operator NYK has committed to two new ro-ro berths. The first phase of bulk and ro-ro cargo terminals is scheduled to be completed by early next year.
Managing director of Ports Development Company which owns and operates KAP, Abdullah Bin Muhammed Hameedadin, who's an engineer, has overseen a number of key developments in the port's short history including the opening of a fourth pier in May last year, raising container capacity to around three million TEU.
KAP occupies a total area of 16 square kilometres and is linked to King Abdullah Economic City's Industrial Valley and bonded zone. Once complete, KAP will be able to handle 20 million TEU, 1.5 million vehicles and 15 million tonnes of clean bulk cargo annually.