Saudi Global Ports LLC (SGP), the joint venture company set up between the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia and PSA International will build, operate and transfer the new terminal on a 30 year basis. Dammam represents PSA International’s first port infrastructure project in the Kingdom of Saudi Arabia and the Arabian Gulf.
The start of construction was marked this week with a ceremony attended by the Saudi Transport Minister, Dr Jabara Bin Eid Al Seraisry and president of the Saudi Ports Authority, Mr Abdulaziz Bin Mohammed Bin Nasser Altuwaijri. During the occasion, PIF’s Board of Directors approved a loan to SGP for the financing of the project.
Mr Tan Chong Meng, Group CEO, PSA International, said: “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.”
When the new SGP terminal is fully developed, it will have a quay length of 1,200 metres and 12 quay cranes, with a design capacity of 1.8m teu per annum.
The project has been backed by national projects worth SR405bn (US$107bn), focusing on developing a railway link connecting the port of Damman with Jubail.
The link will connect with the Saudi Railway Company’s North-South railway near Ras Azzawr, run 85 km along the coast to Jubail, where it will serve industrial and port facilities, then continue a further 125 km to a junction with the Saudi Railways Organisation network near Dammam.