PSA INTERNATIONAL has taken over both container terminals in the Saudi King Abdulaziz port of Dammam. This makes it the only terminal operator in the Arab port thanks to a concession agreement signed in April between the local Port Authority and the Saudi Global Ports Company (SGP), a joint venture between the Saudi Public Investment Fund (PIF) and the Singapore terminal group.
The agreement includes a $1.9 billion investment plan by SGP. This is the largest port investment in Project Financing ever made in Saudi Arabia.
The goal is to increase the port’s containerized traffic capacity to 7.5 million TEUs per year. In 2019 the port handled 1.8 million TEUs of container traffic, an increase of +18.2% on the previous year.
Translation by Giles Foster