The credit facility will be paid over six months, and will be used to finance the purchase of four new bulk carriers. The vessels will be built by Hyundai Mipo Dockyard, and will be used to cater to the growing demand for the import of essential grains into Saudi Arabia, Bahri said.

“We are pleased to collaborate with Bank Albilad to obtain this Sharia-compliant credit facility for purchasing the four carriers, which we signed in the fourth quarter of 2017 with Hyundai Heavy Industries (HHI) Group, to enable us to cater to the growing demand for the import of essential grains into KSA,” said Ali Al-Harbi, chief financial officer of Bahri. “It also makes us proud that the financing deal with Bank Albilad, which is known for its initiatives to support the Kingdom’s business development and economic growth, contributes toward the concerted efforts made by different sectors in the country to help meet its wide-ranging needs and further cement its pre-eminent position as a global economic powerhouse.”

Nezar Banabeela, president of Bahri Dry Bulk, added, “The new funding from Bank Albilad is a major milestone for Bahri Dry Bulk as we are keen on expanding our business into new markets in the region and globally, to explore new horizons of growth and play a key role in supporting the Kingdom in achieving the national goals and strategic directions of the government. Moreover, with the addition of four new carriers to our fleet, we will be fully equipped to cater to the increasing demand for essential grains, such as barley, wheat, and corn, in the country.”

Bahri Dry Bulk was established in 2010 as a 60/40 joint venture between Bahri and Arabian Agricultural Services Company (ARASCO). The company currently owns and operates a large capacity, fuel-efficient fleet of five dry bulk vessels.