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FINANCIAL NEWS
Saudi to invest USD30b on seaports infrastructure
25 Nov 2014
(MENAFN) Saudi’s General Port Authority announced it has commenced a development plan for the infrastructure of the ports, which will result in the authority investing a total of USD30 billion in the next few years, Arab News reported.
According to GPA, the current plan aims to establish new stations, expansion of current decks, develop Al-Thaheir port areas, upgrade transportation elements and regulate traffic movement inside the port by establishing and improving roads and pathways inside the port and connect them with the public transportation networks in addition to developing operating processes.
The Authority said that these development plans are part of a number of steps that it took to strengthen the competitive position of Saudi ports with other overseas ports, with the other steps including several comprehensive strategies, ultimately leading to the development of all Saudi ports in the future.
“The latest figures represent the expected value of investments, and include costs of roads, railway lines and ports, but we expect that the value of investments to develop ports is expected to reach USD14 billion during the next 25 years,” Director General and official spokesman for the General Port Authority said.
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