Saudi Global Ports LLC (SGP), a joint-venture company formed between the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia and PSA International (PSA), on Saturday broke ground to mark the official start of construction of the second container terminal in the King Abdul Aziz Port in Dammam, the largest Gulf port in the Kingdom of Saudi Arabia and a key gateway port on the Arabian Gulf.
The ceremony was attended by the Saudi Transport Minister, Dr Jabara Bin Eid Al Seraisry; Singapore Minister for Transport, Mr Lui Tuck Yew; President of Saudi Ports Authority, Mr Abdulaziz Bin Mohammed Bin Nasser Altuwaijri; and members of the business community in the Eastern Province of Saudi Arabia.
“Today’s ceremony represents a culmination of the efforts of PIF and PSA to develop this important project in this very important port. The project reflects the keen interest of PIF in the development of the Kingdom’s infrastructure sector in general and the transport sector in particular to support economic development in the Kingdom and the region. I am also pleased to announce on this occasion that PIF’s Board of Directors approved a loan to SGP for the financing of the project and we look forward to signing the loan agreement soon,” said Mr Abdul Rahman Mohammed Al Mufadhi, Secretary General of the Public Investment Fund .
“Dammam represents PSA International’s first port infrastructure project in the Kingdom of Saudi Arabia and the Arabian Gulf. PSA will work in partnership with the Public Investment Fund and the Saudi Ports Authority to enable the Saudi Global Ports Terminal to excel in container handling operations and transform Dammam into the preferred port of call to support the high trade volumes in the region,” said Mr Tan Chong Meng, Group CEO, PSA International .
The SGP Terminal will invest in the latest equipment and technology to serve the fast growing economy of the Kingdom and the regional economies of the Arabian Peninsula. Located close to Saudi Arabia’s economic centre and capital city Riyadh, the SGP Terminal is linked by existing railway network and excellent highways to the rest of the country.
When the SGP Terminal is fully developed, it will have a quay length of 1,200 metres and 12 quay cranes, with a design capacity of 1.8 million TEUs per annum.
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PSA, October 8, 2012