Saudi's SGP to invest $187mln to develop four multipurpose terminals in the Kingdom
Saudi Global Ports Group (SGP) announced on Tuesday that it has signed four 20-year concession agreements with the Saudi Ports Authority (Mawani) to operate multipurpose terminals along the Eastern Coast of Saudi Arabia.
The terminals are located at King Abdulaziz Port Dammam (KAPD), Jubail Commercial Port (JCP), King Fahad Industrial Port Jubail (KFIP) and Ras Al-Khair Port (RAK), SGP said in a press statement.
The agreements were signed through SGP's subsidiary, Modern Port Services Company Limited [SGP Multipurpose Terminals (SGPMP)].
SGP is currently the operator of container terminals at KAPD and the rail intermodal Riyadh Dry Port Ecosystem, comprising Riyadh Dry Port, Riyadh Empty Yard and Dammam Empty Container Yard. The company also has an ongoing investment to develop the Dammam Integrated Logistics Zone (DILZ).
Under the four concession agreements, SGP plans to invest more than 700 million Saudi Riyals ($187 million) to upgrade the terminals, purchase new equipment, and integrate these terminals with its existing operations across Dammam and Riyadh, the statement said.
Mawani launches RFQs for Saudi multi-purpose terminal projects
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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