Riyadh – Mubasher: Saudi Industrial Development Fund (SIDF) has signed a SAR 3.75 billion loan agreement with International Maritime Industries Company.
International Maritime Industries Company is a subsidiary of Saudi Aramco.
The state-owned crude producer's unit will inject the loan into establishing a project in King Salman International Complex for Maritime Industries and Services, according to SIDF’s statement on Tuesday.
The project’s commercial operation will start at the first quarter of 2019 to reach its full production capacity by 2022, the Saudi state-run institution noted.
The SIDF is willing to develop its strategy in a bid to cope with Saudi Vision 2030 via providing new financial and advisory solutions that meet investors’ requirements, the fund’s acting director general, Ibrahim Almojel, said.
International Maritime Industries Company is a joint venture between Saudi Aramco, the British firm Lamprell Plc, the National Shipping Company of Saudi Arabia (Bahri), and Hyundai Heavy Industries Co. Ltd.
The complex contributes to reducing imports of maritime equipment and services by SAR 45 billion, in addition to providing more than 80,000 direct and indirect job opportunities by 2030.
