King Abdullah Port signs agreement with AMSteel to operate terminal for 25 years from Q2 2018
Saudi Arabia's King Abdullah Port has signed an agreement with AMSteel to operate its first bulk and general cargo terminal berth for a period of 25 years.
King Abdullah Port management said it expects operations at the terminal to start in the second quarter of 2018.
“Signing this agreement comes within the framework of developing our capabilities in the field of bulk and general cargo,” said Abdullah M Hameedadin, managing director of the Ports Development Company, owner and developer of King Abdullah Port.
“It will enable us to actively contribute to promoting this industry due to its economic benefits and its support for the development journey in the kingdom.”
King Abdullah Port has raised its annual throughput to 1.4 million TEU by the end of 2016. Additionally, the infrastructure’s annual capacity has reached four million TEU.
The first phase of bulk and general cargo terminals will also have a capacity of three million tons.
Strategically located on the Red Sea coast on one of the world’s busiest maritime shipping lanes and with direct access to extensive transportation networks and urban centers, King Abdullah Port is the first fully privately owned, developed and operated commercial port in Saudi Arabia.
It occupies a total area of 17 square kilometres and once fully built, King Abdullah Port will be able to handle 20 million containers (TEU), 1.5 million vehicles (CEU) and 15 million tons of clean bulk cargo every year.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.