Latest news with #BakrAlMuhanna
ME Construction
15 hours ago
- Business
- ME Construction
Saudi Global Ports wins contract to operate Eastern Coast terminals
Infrastructure Saudi Global Ports wins contract to operate Eastern Coast terminals By SGP plans to integrate its four multipurpose terminals with its operations in Dammam and Riyadh, making them more efficient and resilient gateways for the Kingdom's robust growth Saudi Global Ports Group (SGP) has announced that its subsidiary – Modern Port Services Company (MPS) – has been awarded four 20-year concession agreements by the Saudi Ports Authority (Mawani) to operate multipurpose terminals along Saudi Arabia's Eastern Coast. The terminals will be located at King Abdulaziz Port Dammam (KAPD), Jubail Commercial Port (JCP), King Fahad Industrial Port Jubail (KFIP), and Ras Al Khair Port (RAK). SGP currently operates container terminals at KAPD and manages the rail intermodal Riyadh Dry Port Ecosystem, which includes the Riyadh Dry Port, Riyadh Empty Yard, and Dammam Empty Container Yard. Additionally, SGP is actively involved in developing the Dammam Integrated Logistics Zone. In 2024, SGP handled over four million TEUs across its seaports and inland terminals, solidifying its position as a leading player in the industry. In response to these deals, SGP plans to invest over US $187mn in the upgradation of these terminals and the purchase of new equipment, said a statement. Abdullah Al Zamil, Chairman of the Board, and Vice Chairman Bakr AlMuhanna added, 'SGP, as one of the national champions for ports and logistics in Saudi Arabia, is proud to be entrusted with this opportunity to nurture and grow the four multipurpose terminals along the Eastern Coast of Saudi Arabia. We will strive to provide the same reliability, integration and spirit of innovation at the multipurpose terminals as we have done so for the container terminals at KAPD, the Riyadh Dry Port Ecosystem and DILZ. We are grateful to Mawani for entrusting SGP with these concessions. The agreement between SGP and Mawani was pivotal in driving economic diversification under Saudi Arabia's Vision 2030. By integrating and modernising key terminals, SGP, together with its technical partner, PSA International, brings their expertise to enhance supply chain efficiency, support critical mega projects, and strengthen the Kingdom's position as a global logistics hub.' The concession agreements were signed by Saudi Global Ports Group CEO Rob Harrison and the Acting President of Mawani Mazen bin Ahmed Al Turki, in the presence of Minister of Transport and Logistics Services Saleh Al Jasser, the Chairman of Board of Saudi Global Ports Eng. Abdullah Al Zamil and Vice Chairman Bakr AlMuhanna. 'SGP is committed to fostering innovation, sustainability, and local talent development to unlock long-term value in developing a transformative ports and logistics sector and in building a resilient, future-ready economy,' said Regional CEO Europe & Mediterranean and Middle East South Asia, PSA International, Vincent Ng. 'We are proud to be alongside Saudi Arabia's growth journey for over 10 years. We are excited to continue to work alongside PIF, Mawani and other stakeholders in the Kingdom, supporting SGP with our global expertise and network as it expands its ecosystem to include capabilities that can bring new and differentiated value to the Kingdom's ports and logistics sector,' he added. SGP with the support of its technical partner PSA International will continue its commitment to the professional development of its workforce in Saudi Arabia. They will tailor training programs for the existing and new workforce at all the terminals. Saudi General Petroleum aims to integrate its four multipurpose terminals with its existing operations across Dammam and Riyadh. This integration will transform the terminals into more efficient and resilient gateways, supporting the robust growth in the Kingdom. These gateways will be crucial for the ongoing and upcoming mega projects in the country. The training program aims to equip participants with best practices in safety, operations, and sustainability, drawing from PSA International's successful experiences in developing multipurpose terminals globally.
Argaam
16-02-2025
- Business
- Argaam
PIF seeks to raise local content in logistics to 60% by 2025-end: Official
Saudi Arabia's Public Investment Fund (PIF) seeks to enhance its partnerships with the private sector to raise the contribution of local content to 60% by the end of 2025, PIF's Head of Transport and Logistics Sector in MENA Investments Bakr AlMuhanna told Argaam in an interview on the sidelines of PIF Private Sector Forum. He added that the transportation and logistics sector is an essential element in achieving the fund's strategy, as it contains three main pillars: maritime transport, managing and operating ports, and logistics. AlMuhanna stressed that this sector represents a major enabler for other sectors, as it contributes to facilitating obtaining raw materials, manufacturing and distributing final products, as well as enhancing flexibility of the supply chains. He pointed out that the fund owns stakes in several major companies that support this sector, including National Shipping Company of Saudi Arabia (Bahri), which operates nearly 95 cargo vessels, and the Red Sea Gateway Terminal Co. that runs Jeddah Islamic Port. The fund also holds 51% of Saudi Global Ports Co., that operates in Dammam Port. Additionally, the operation of Riyadh's Dry Port was announced. He further indicated that the fund established the Folk Maritime Services Co. to meet the market needs of maritime transport operations, as it operates in regional shipping and linking the ports of the Kingdom, India, Pakistan and East African countries. Furthermore, PIF has entered into a strategic investment with Zamil Offshore Services Co. to support maritime logistic services. With regard to land transport, AlMuhanna referred to the fund's investment in Saudi Public Transport Co. (SAPTCO), which is going through a transitional stage after the end of the long -term contracts, which contributed to creating job opportunities and strengthening the local economy. PIF's official additionally emphasized that the Kingdom benefits from its strategic location between three continents to enhance its position as a global logistical center, pointing out that the fund works to develop free logistical and economic zones, which enhances the Kingdom's attractiveness to foreign investment, as well as the flexibility of local supply chains to face challenges or volatility in the operational environment.
