Jeddah development to help economic diversification
Jeddah Port will be developed by DP World as part of a plan to diversify Saudi Arabia's economy.
In support of the Saudi Vision 2030, the port will increase efficiencies using "innovative" technology solutions, making it a "semi-automated facility to create skilled jobs for Saudi nationals", while enabling local businesses and opening new avenues for growth.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, which operates the South Container Terminal (SCT) at the port, said: "As the first major investor in Jeddah port for almost 20 years now, we are committed to supporting the Kingdom’s effort to leverage its resources and investment capabilities through the development of Jeddah port."
The port is a gateway for the Saudi market and region as it connects to major markets in Africa and the Middle East and its role as a trade hub can be further boosted by DP World’s development, said Sultan Bin Sulayeem, who was speaking at the Future Investment Initiative (FII) in Riyadh.
He said DP World's initiative is expected to help make Saudi Arabia's ports and logistics services a necessity and not a choice for global trade markets, particularly the Red Sea. He added Jeddah Port is pivotal in facilitating the movement of goods between east and west, and in boosting Saudi exports.
At the FII, HRH Crown Prince Mohammed bin Salman bin Abdulaziz also announced plans to build a USD$500bn economic trade zone spanning Saudi Arabia, Jordan and Egypt.
Green initiative NEOM would be powered by renewable energy and provide vertical farms and solar powered greenhouses, aided by robots.
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