Jeddah Islamic Port container terminal project to receive SAR 9 bln investments: Transport Minister

23/12/2019 Argaam

 

Jeddah Islamic Port (JIP) will receive SAR 9 billion investments under the concession contracts signed today to develop and operate container terminals,the Minister of Transport, Saleh Al-Jasser, said.

 

The build-operate-transfer (BOT) concession contracts are valid for 30 years.

 

Speaking on the occasion of the signing ceremony of the concession contracts, the minister further noted that these contracts are expected to enhance the port's capacity to 12 million containers per annum from 7.6 million containers currently.

 

The contracts are forecast to create 4,000 new jobs, increase demand for local content and attract more investments, he added.

 

Earlier this month, Saudi Arabia’s Supervisory Committee for Privatization of Transport Sector approved signing concession contracts with global port operator DP World and regional port operator the Red Sea Gateway Terminal (RSGT) to develop and operate the container terminals at JIP, Argaam reported.

 

The contracts were set to be signed before the end of 2019.

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