Saudi Global Ports (SGP) has taken a step closer to realising its ambition to create a mega container hub at King Abdulaziz Port Dammam (KAPD) with a $1.8bn investment.
Last week the PSA subsidiary took over the port’s first terminal after signing a 30-year build operate and transfer agreement with Saudi Ports Authority.
SGP’s estimated total investment of more than SAR7bn (US$1.8bn) is expected to be the largest seaport investment by a single operator under a public private partnership in the Kingdom of Saudi Arabia.
Abdulla Zamil, chairman of SGP, commented: “The smooth transition within a short timeline under the pandemic situation is phenomenal. The positive relationship will be the catalyst to accelerate the developments to elevate the seaport and logistics capabilities of Dammam to support the industrial growth initiatives under Saudi Vision 2030.”
Wan Chee Foong, regional CEO of Middle East South Asia at PSA International, said: “As both a shareholder and technical partner, PSA is committed to providing its expertise and leveraging its resources towards the transformation of King Abdulaziz Port with modern and robust infrastructure, and through the cultivation of a strong Saudi workforce.”