Third Jeddah box terminal confirmed

The Saudi Trade & Export Development Company (Tusdeer) and Seaport Terminal of Malaysia, which helped established the successful transhipment port of Tanjung Pelepas, have signed a joint venture agreement to develop a third container terminal at Jeddah Islamic Port (JIP).The Malaysian company will hold a 20% stake in the project. To finance the deal, Malaysian businessman Syed Mokhtar Al- Bukhary is to transfer $457m into his publicly-listed MMC Corporation, of which Seaport Terminal is a majority shareholder (51.8%).