DP World to invest up to $500 mln to develop Saudi Arabia’s Jeddah Islamic Port

DP World will invest up to $500 million to develop the Jeddah Islamic Port. (File photo: Reuters)

Major port operator DP World has been awarded a 30-year concession by Saudi Arabia for the development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port, the Dubai-based company said in a statement.

“Under the agreement, DP World will invest up to $500 million to improve and modernize the Jeddah Islamic Port, including major infrastructure development to enable the Port to serve the ultra-large container carriers (ULCC’s), which are considered the world’s largest mega containerships,” the Government of Dubai said in a statement.

The revamp of Jeddah Islamic Port is part of Saudi Arabia’s Vision 2030 economic diversification plan. The port is a trade hub for the Kingdom.

The new terminal is expected to have an upgraded capacity of 3.6 million twenty-foot equivalent unit (TEU) up from 2.4mn TEU to meet growing demand for trade, and will provide 1,400 jobs, the government said in the statement.

“We have committed to investing significantly to modernize the Jeddah South Container terminal, which will not only result in greater direct and indirect job creation but also deliver best-in-class efficiency and productivity to the Port’s operations,” said Sultan Ahmed Bin Sulayem, chairperson of DP World Group and CEO.

DP World has presence in 45 countries across six continents, and operates in marine and inland terminals, maritime services, and logistics services.

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Last Update: Wednesday, 20 May 2020 KSA 10:01 - GMT 07:01
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