Reuters reported that the National Shipping Company of Saudi Arabia will sign deals worth SAR 1.54 billion with South Korea's Hyundai Mipo Dockyard to build 4 vessels.

NSCSA said in a bourse statement said that the agreement includes an option to get an additional 2 vessels. The company will take delivery of the four general cargo vessels from the end of 2012 until the end of 2013. The 4 vessels will replace the ageing ones.

The company seeks to finance 80% of the orders from the government owned Public Investment Fund and commercial banks through 12 year Islamic compliant debt instruments.

(Sourced from Reuters)