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SAUDI ARABIA's Jeddah Islamic Port (JIP) capacity will be expanded by 45 per cent following the construction of a third container terminal at a cost of US$443 million on a build-operate-transfer basis.
The Saudi Trade and Export Development Company (Tusdeer) will be responsible for developing and operating the new terminal after signing a licence agreement with Jabara Al-Seraisry, Minister of Transport and the Chairman of the Sea Port Authority (SEAPA).
"In the past few years, the kingdom's seaports have witnessed big efforts to develop and modernise their working capability alongside the increased number of container ships," said Mr Al-Seraisry.
Tusdeer will be teaming up on the project with Seaport Terminal of Malaysia, which built and developed the Asia's fastest growing Port of Tanjung Pelepas. The Malaysian firm now has a 20 per cent stake in the terminal.
The hi-tech box terminal will be built on a reclaimed land within JIP's re-export zone. It will have a handling capacity of up to two million TEU annually, a storage area of 400,000 square metres and will be able to handle the world's largest containerships with a berth depth of over 18 metres, said the report in the Arab News.
"The estimated SR1.662 billion (US$443 million) project will take about three years to become operational with dredging expected to commence mid-year," said Tusdeer chairman Mohammed A Zainal Alireza.
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