Bloomberg/Chris Ratcliffeby Kudakwashe Muzoriwa
Dubai’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.