The Strategist

DP World to invest $ 500M in Saudi Arabia's largest port


12/24/2019 - 10:32



The Saudi Arabian Port Authority has transferred 30 years of concession rights to manage and develop the South Container Terminal in the Islamic Port of Jeddah to one of the world's largest port operators, DP World, the company said.



pixabay
pixabay
Under the agreement, DP World will invest up to $ 500 million in modernization of the Islamic port of Jeddah, including development of infrastructure that will allow the port to serve ultra-large container ships (ULCC).

"The modernized terminal will have increased throughput - 3.6 million containers against 2.4 million to meet the expected growth needs in the future; it will also provide 1.4 thousand jobs," the report said.

The Islamic port of Jeddah, founded in 1976, is the largest port in Saudi Arabia with an annual capacity of more than 6 million containers. For more than 20 years, DP World has been managing the Southern Container Terminal under a leasing agreement.

DP World specializes in port transportation, operates in 40 countries. The company employs more than 50 thousand people.

source: reuters.com




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