7/29/2019 Emaar EC and DP World Combine for Saudi Seaport

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Emaar EC and DP World combine for Saudi seaport

Author: BI-ME s taff 

Source:BI-ME

Published:Sun April 6, 2008 12:00 am Print

SAUDI ARABIA. Emaar Economic City (Emaar EC) has signed an agreement with the Dubai-based

DP World Limited, a global m arine terminal operator, to develop and operate the port at King

 Abdullah Economic City (KAEC) in Saudi Arabia that would be the larges t on the Red Sea.

The port, which will be the first in the kingdom to be financed completely by the private sector, would

become one of the world's ten largest ports with a capacity to handle 20 million 20-foot containers a

year, said Emaar EC, the Saudi Arabia unit of Dubai's Emaar Properties, in a statement yesterday.

"With its s trategic location on the Red Sea, the KAEC Sea Port will create a regional logis tics hub that

will further stimulate the Saudi economy through new job and investment opportunities," said

Mohamed Ali Alabbar, Chairman of Emaar EC.

The statement said that a multi-purpose cargo terminal is set to be operational by the end of 2010

and a separate terminal capable of handling 1.6 million TEU, or 20-foot equivalent container units,

will operate by mid-2011. Afterwards the port's capacity will be increased on several phases.

It added that the port, set to extend over 14 square kilometres, would create 15,000 jobs and

contribute an average of AED9.8 billion (SAR10 bill ion) to Saudi Arabia's annual gross domes tic

product upon completion of the all the work phases .

Governor Amr Al Dabbagh, of the Saudi Arabian General Investment Authority (SAGIA), expressed his

office's commitment to help transform Saudi Arabia into one of the world's ten most competitive

economies by 2010.

"To achieve our goal, we encourage major local, regional and international companies to invest in

the infrastructure to augment investment in high-growth s trategic sectors, which contribute to overall

economic development," he said.

The statement said the KAEC Sea Port would be integrated into the indus trial zone and logistics hub

to provide "a seamless logis tics operation" within the economic city and promote regional trade

further. The port's location is one of the mos t important sea routes between the East and the West.

Sultan Ahmed bin Sulayem, Chairman of DP World and Dubai World, the holding company that

manages the businesses and projects of the Dubai government, said the project is a good

opportunity for DP World to make us e of its expertise in marine terminal operation.

"Our ports are a vital link in the global supply chain, enhancing efficiency and the growth of 

economies in the communities in which we operate," he added.

The chief executive of Emaar EC, Fahd Al Rasheed, stressed that creating a world-class seaport is

the key to building a robust economy because logistics is one of the fastest growing sectors

worldwide.

"Our partnership with DP World reiterates our commitment to work with the best and offer world-

class standards to our clients," he said.

DP World, the world's fourth-largest marine port operator, has a portfolio of 43 terminals and 13 new

developments across 28 countries. It designs, builds and operates ports as well as provides

logis tics, infrastructure development and consultancy services.

 

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