STEVEDORE DP World has been awarded a 30-year build-operate-transfer concession by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at Jeddah Islamic Port.
DP is to invest up to US$500m to improve and modernise the port, including major infrastructure development to enable the port to serve the ultra-large container carriers.
Established in 1976, the Jeddah Islamic Port is on the Red Sea and was established in 1976. It is the largest port in the Kingdom of Saudi Arabia with annual volumes of more than 6m TEU.
As a crucial link on the world’s busy east-west trade route and the Kingdom’s main commercial centres, the Port currently handles approximately 60% of the country’s sea-imports and is a strategic hub that connects East-West cargo.
DP World chairman and CEO Sultan Ahmed Bin Sulayem they were honoured to support the Kingdom’s 2030 growth vision.
“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,” Bin Sulayem said.
“We look forward to leveraging our strategic partnership with Mawani and the Ministry of Transport and National Centre for Privatisation to collaboratively develop the Kingdom’s trade ecosystem while enhancing the nation’s competitiveness.” A signing ceremony of the BOT concession was recently held.