Middle East

Huta Marine Works gets loan for King Abdullah Port development

Dubai: Huta Marine Works has secured a credit finance package worth SR 2.68bn from Arab National Bank (ANB), which will be used to finance further construction and development work at King Abdullah Port (KAP), Saudi Arabia.

KAP is the first port in Saudi Arabia to be developed and managed by the private sector. The port is owned by Ports Development Company (PDC), in which Huta Marine Works and Emaar the Economic City share 50:50 ownership.

On completion, KAP will cover about 15 km2, with an 18-metre draft and an annual capacity of 20 million TEU. [6/11/14]

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