PSA starts work on Saudi port project
PSA International has started construction on its first port infrastructure project in Dammam, Saudi Arabia, reported Business Times Singapore.
Groundbreaking for this second container terminal in the King Abdul Aziz Port took place over the weekend, undertaken by Saudi Global Ports (SGP), a joint venture between PSA and the Public Investment Fund (PIF) of Saudi Arabia.
Located near Riyadh, the capital city, and linked to the rest of the country by existing railway networks and highways, the SGP terminal will add 1.8 million TEUs of capacity to the current capacity of 1.5 million TEUs.
When fully developed, the quay will stretch for 1,200m and be fitted with a dozen quay cranes. The facility will have the latest equipment and technology.
The SGP terminal cost up to US$531 million.
PIF secretary-general Abdul Rahman Mohammed Al Mufadhi said the PIF board has approved a loan to SGP and that the signing of the loan agreement will take place soon.
Tan Chong Meng, group CEO of 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."
