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Saudi Ports Authority signs $1.9 billion deal with SGP for Dammam container terminals

Published: Updated:

The Saudi Ports Authority (Mawani) said that it had signed a 7 billion riyal ($1.9 billion) deal with Saudi Global Ports (SGP) to build and operate container terminals in the King Abdulaziz Port in Dammam.

The 30-year contract was signed virtually on Monday.

“SGP will embark on a development and modernisation program to transform King Abdulaziz Port into a mega container hub and increase the Port’s capacity to an estimated annual handling capacity of 7.5 million twenty-foot equivalent units when the planned expansion works are fully completed,” Mawani said in a statement.

The project will increase the port’s capacity by more than 120 percent, the statement added.