Bloomberg/Chris Ratcliffe
by Kudakwashe MuzoriwaDubai’s DP World has been awarded a 30-year concession deal by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port.
The ports operator will invest up to $500 million to improve and modernise the Jeddah Islamic Port, including major infrastructure development to enable the Port to serve the ultra-large container carriers (ULCC’s).
Sultan Ahmed Bin Sulayem, DP World Group Chairman and the CEO, said, “We have committed to investing significantly to modernise 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.”
DP World stated that developing Jeddah Islamic Port will contribute to achieving Saudi Vision 2030 as the project is considered a key milestone towards achieving the targets of the National Industrial Development and Logistics Vision Realisation Programme.
MOST READ
BUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Dubai’s W Motors seeks funds to go electricBUSINESS
HSBC considering exiting from TurkeyBUSINESS
Zimbabwe turns to UAE to sell a stake in...BUSINESS
ADIA plans to sell a $2 billion stake in...BUSINESS
Amanat considers stake in VPS HealthcareBUSINESS
ECI, HSBC partner to support UAE businessesBUSINESS
National Bank of Oman to exit from EgyptBUSINESS
Salt Bae backers seek a partner and a $1...BUSINESS
Oman plans to launch new regional airline
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
