The credit facility, which will be paid over six months, and has a tenure of 13 years including a three-year grace period, will be used to finance 80% of the agreement concluded on Aug. 27 last year. The company has provided all the necessary guarantees for obtaining the loan, including a pledge of the four carriers upon delivery from the shipbuilding yard.

“We are pleased to collaborate with Bank Albilad to obtain this Shariah-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, CFO 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,” added Al-Harbi.