Gulftainer acquires Gulf Stevedoring
UAE based port management and logistics company, Gulftainer, has acquired a 51% stake in Saudi Arabia’s Gulf Stevedoring Contracting Company (GSCCO).
At the Jeddah Islamic Port, Gulftainer will operate the Northern Container Terminal (NCT) on the west coast of Saudi Arabia, Jubail Commercial Port (JCP) and Jubail Industrial Port (JIP) on the east coast.
The acquisition makes Gulftainer the largest port operator in the Middle East with regard to the number of terminals operated in the region.
Peter Richards, group managing director, Gulftainer, said: “This is an exciting time for Gulftainer as we increase our footprint across the Middle East. The industry here is growing at a rapid pace and with this acquisition we have laid a strong foundation for the company’s future not just regionally but on a global level. The road ahead is one that we look to with optimism and ensure that we are well prepared to stay ahead of the trends and deliver exceptional results for our clients.”
The company now manages 40% of all the major container terminal facilities in the Middle East that have the capacity to handle ships of 12,000 teu or greater and 45% of all major port capacity outside of the Strait of Hormuz.
Gulftainer says both Jeddah and Jubail are key growth areas in the country with strong, positive economic forecasts, following significant government investments in infrastructure to increase capacity and cope with growing flow of cargo.