Singapore company invests in container terminals in Saudi Arabia

King Abdulaziz port. (Photo: Seatrade-maritime.com)

Singapore (VNA) - Saudi Global Ports (SGP), a subsidiary of Singapore's PSA International, and Saudi Ports Authority (Mawani) on April 13 inked an agreement worth 2.6 billion SGD (1.84 billion USD) to build two container terminals at the King Abdulaziz Port in Saudi Arabia’s Dammam.

The agreement, in the form of Build, Operate and Transfer (BOT), will make SGP the sole container terminal operator of the Saudi Arabian port.

Under the deal, SGP will develop the port into a mega container hub and increase its annual handling capacity to an estimated 7.5 million TEUs.

SGP currently operates a container terminal located along the eastern coastline of King Abdul Aziz Port, which is an important deep-water hinterland port in the Arabian Gulf serving the major provincial cities in the eastern and central provinces of Saudi Arabia./.