Saudi Arabian authorities have earmarked a USD 30 billion investment for development of the country’s port infrastructure and shipping sector.
The investment forms part of a USD 100 billion strategy aimed at bolstering transport and logistics in the country by 2020 as need for larger and ever more complex ports increases.
The plans have been revealed during the first Saudi Maritime Congress, held on November 26th and 27th, which was hosted by Jabara bin Eid Al Suraiseri, Saudi Arabian Transport Minister and Chairman of the Saudi Ports Authority.
The said investment will be streamlined toward development of a major port at the new King Abdullah Economic City (KAEC), USD 35 million expansion of Saudi Aramco’s Dareen Port Expansion Project along with a ship repair yard.
As explained by Hassan Abouraya, Risk Management Executive at Zamil Offshore Services, there are more than 25,000 merchant vessels navigating the Red Sea.
“Only two old repair yards with limited docking capabilities are available in Jeddah and Suez, there is room for at least one world class ship repair yard to be built,” Abouraya is quoted by CILT UK as saying.
The Jeddah Islamic Port (JIP) is already undergoing expansion with the recent addition of the Red Sea Gateway Terminal (RSGT) that started opened earlier this year.
source: World Maritime News