Ground broken on Dammam second container terminal
Singapore ports authority onboard for execution of shipping project
Saudi Arabia has broken ground on a project to build a second container terminal at King Abul Aziz Port in Dammam, Arab News reports.
A ceremony held to mark the occasion was attended by the Saudi transport minister, Jabara Al-Seraisry, the Singaporean minister of transport, Lui Tuck Yew, as well as a large number of officials, businessmen and diplomats.
Al-Seraisry said the second container terminal would help to increase the port's capacity to handle the growing number of containers handle and gain the largest possible share of maritime trade.
Speaking to journalists, Al-Seraisry said: “This project is also an enhancement in the role of the private sector in establishing and operating ports through investments to be injected into this project.
"However, there is no doubt that the participation of the PSA International (Singapore’s ports authority) in this project is a confirmation of its confidence in the Kingdom’s economy and Saudi ports,” he added.
Lui Tuck Yew said that Saudi Arabia had attracted a major portion of the foreign direct investment heading into the GCC.
The Singaporean minister said: “I am pleased to join you for the groundbreaking of the second container terminal of the King Abdul Aziz Port. This not only marks the beginning of another exciting phase for the port, but is also PSA International’s first port infrastructure project in the Arabian Gulf.”
He said that the two countries enjoyed a strong trading history, with Saudi Arabia being Singapore’s largest trading partner in the Middle East.
“Bilateral trade increased by 42% from $13.2bn (SAR 49.5bn) in 2010 to $18.6bn (SAR 69.9bn) in 2011. Our growing bilateral relationship has created opportunities for our companies to work even closer together,” said the minister.
“The partnership between PSA International, its local partner, the Public Investment Fund, and the Saudi Ports Authority to develop the second container terminal in the King Abdul Aziz Port is one concrete manifestation of our desire for enhanced cooperation,” he said.