Specialized Marine Services Company at King Abdullah Port signs finance agreement with Saudi Hollandi Bank worth SAR 121.5 Million
15/10/2014

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 121.5 million SAR with Saudi Hollandi Bank.

Mr. Aquilino Cornelio, Acting Regional Head of Saudi Hollandi Bank, signed the agreement with his counterpart Mr. Abdullah Hameedaddin, Chairman of the Board of Directors of Specialized Marine Services Company with the presence of Board Member Mr. Ziad Kanaan and top officials from both sides.

This agreement comes in the framework of extensive efforts being developed and implemented by Ports Development Company, owner and developer of King Abdullah Port at King Abdullah Economic City, and Specialized Marine Services Company to continuously expand the standard of marine services at King Abdullah Port and implementing the most up to date and global necessary techniques to present a fresh and innovative understanding of marine services in the Kingdom of Saudi Arabia.

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

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

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 an 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 leading major ports in the world.

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