DP World, Red Sea Gateway win Mawani's port terminals contract
Companies to develop and operate container terminals at Saudi Ports Authority's (Mawani) Jeddah Islamic Port in the kingdom
The Saudi Ports Authority (Mawani) has inked concession contracts with Dubai-based global port operator DP World and the kingdom’s Red Sea Gateway Terminal (RGST) to develop and operate container terminals at the Jeddah Islamic Port.
According to Saudi Arabia’s state-held new agency, SPA, the contract will activate the memorandums of association (MoUs) singed in the presence of Crown Prince HRH Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Minister of Defense in February 2018 at the inaugural National Industrial Development and Logistics Program (NIDLP).
Through the build-operate-transfer contracts, Mawani looks to strengthen its partnerships with the private sector and elevate its capabilities, operational capacities, and competitive offerings.
With the concession agreements Saudi Arabia’s economy is expected to witness a rise in the number of investments. The contracts are also expected to create a number of direct jobs within the ports and the logistics sectors, in addition to several indirect employment opportunities through other associated sectors within the supply chain.
Additionally, the initiative support Mawani, the Ministry of Transport, and National Centre for Privatisation’s efforts to develop the Saudi ports ecosystem.