Work starts on PSO terminal in Dammam.
PSA is building the port's second terminal as part of a joint venture company named Saudi Global Ports (SGP) which it has formed with Saudi Arabia's Public Investment Fund (PIF).
When the SGP terminal is fully developed it will have a quay length of 1,200 m and 12 quay cranes with a design capacity of 1.8 million teu per year. King Abdul Aziz Port is the largest Gulf port in Saudi Arabia and a key gateway port on the Arabian Gulf.
"The project reflects the keen interest of PIF in the development of the kingdom's infrastructure sector in general and the transport sector in particular to support economic development in the kingdom and the region," said Abdul Rahman Mohammed Al Mufadhi, secretary general of the PIF. Al Mufadhi also announced that PIF's board of directors had approved a loan for the financing of the project.
"Dammam represents PSA International's first port infrastructure project in the Kingdom of Saudi Arabia and the Arabian Gulf. PSA will work in partnership with the Public Investment Fund and the Saudi Ports Authority to enable the Saudi Global Ports Terminal to excel in container handling operations and transform Dammam into the preferred port of call to support the high trade volumes in the region," said Tan Chong Meng, group CEO, PSA International.
Meng receives a commemorative token of appreciation from Altuwaijri
The SGP Terminal will invest in the latest equipment and technology to serve the fast growing economy of the kingdom and the regional economies of the Arabian Peninsula. Located close to Saudi Arabia's economic centre and capital city Riyadh, the SGP Terminal is linked by an existing railway network and excellent highways to the rest of the country.
The transport ministers of Saudi Arabia and Singapore, Dr Jabara Bin Eid Al Seraisry and Lui Tuck Yew respectively, and the president of the Saudi Ports Authority, Abdulaziz Bin Mohammed Bin Nasser Altuwaijri, were among dignitaries present at the ground breaking.
PSA International is one of the leading global port groups. With its flagship operations in PSA Singapore Terminals and PSA Antwerp, PSA participates in 29 port projects in 17 countries across Asia, Europe and the Americas. PSA International has been voted "Best Global Container Terminal Operating Company" for seven years since 2005 at the Asian Freight & Supply Chain Awards.
In 2011, PSA handled 57.09 million teu of containers at its port projects around the world. The group's performance increased 5.6 per cent over 2010 on the back of contributions from the flagship PSA Singapore Terminals with a new record of 29.37 million teu (+6.1 per cent) and PSA terminals outside Singapore with 27.72 million teu (+5.0 per cent).
The PIF, founded in 1971, provides financing support to projects which are commercially and strategically significant for the development. It is also mandated to invest and hold equity shares on behalf of the government in certain joint venture companies with the private sector.
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