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FINANCIAL NEWS
Saudi ports get USD613m capacity boost
27 Jun 2011
(MENAFN) Saudi Transport Minister, Jabara Al Seraisry, stated that the country has plans to invest over USD613 million in increasing the capacity of its ports, reported World Cargo News.
Al Seraisry also said that expansion plans included Dammam’s port, the industrial port in Jubail as well as that in Yanbu. He pointed out that the country eyed improving the position of its ports among regional competitors.
The Minister added that Saudi’s largest port, Jeddah Islamic Port (JIP), would record a 5 percent raise in traffic in 2011 despite the slump in global economy. He added that JIP would be ready to deal with the increase in traffic thanks to its 2009 capacity increase.
It is worth noting that the Saudi expansion plans for its second-biggest port in Dammam would double the port’s capacity to 3 million twenty-foot equivalent units (TEU) in the coming three years.
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