Saudi Arabia’s port authority signs $239 million of deals to improve country’s ports
Saudi Arabia’s port authority signed contracts with public and private sector entities worth more than $239 million (900 million riyals) to improve operations in the Kingdom’s ports, state press agency SPA reported on Wednesday.
Saudi Ports Authority (Mawani) signed a total of seven contracts and agreements, which include plans to develop a new logistics hub at Jeddah Islamic Port and develop a new system to manage ports. The plans also aim to “position Saudi Arabia as a global logistics hub,” according to SPA.
The plans are in line with the Kingdom’s Vision 2030, a framework through which Saudi Arabia aims to reduce its dependence on oil for income and diversify its economy through developing other sectors such as health, education and tourism.
The planned logistics park in Jeddah Islamic Port will cover an area of 135,000 square meters and aims to provide employment opportunities there. The ports authority signed a contract with Globe Group to develop the area.
A 548 million riyals ($122 million) contract with Saudi company PC Marine Services will increase the space for bigger vessels at the Jeddah Islamic Port, so that the country can increase the amount of grain it imports to meet local demand.
Mawani also signed an agreement with Saudi company Tabadul to develop systems to manage the ports so they can increase the number of services they provide.
Source: Al Arabiya News