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FINANCIAL NEWS
Saudi Arabia plans USD164m port-upgrading drive
07 Aug 2012
(MENAFN) The Saudi Ports Authority unveiled plans to invest USD164 million in the upgrade of the Kingdom’s sea ports, Saudi Presss Agency (SPA) reported.
Authority head Abdulaziz al-Tuwaijri said that the authority will set up a USD51.2 million power plant at King Abdulaziz Port in Dammam to meet increasing demand.
The authority will also build a USD46.4 million container terminal in Dhiba Port, and two container terminals at King Fahd Industrial Port in Jubail at a cost of USD38.4 million. All the port developments are scheduled to be completed within two years.
Also, a USD27.73 million terminal to service and dock passenger and leisure vessels will also be set up at Yanbu Commercial Port to support tourism to the country.
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