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Riyadh: Saudi Arabia has announced plans to build a massive dockyard costing $426 million at the Islamic Port in Jeddah.
"The dockyard project with a capacity to handle two million containers will be implemented by a Saudi-Malaysia consortium," Minister of Transport Dr. Jabara Al Seraisry said while addressing the concluding session of the Euromoney Conference in Riyadh on Wednesday.
Al Seraisry said the project will be on a build, operate and transfer (BOT) basis, and construction is are expected to begin soon.
"This would be the third major dockyard to be constructed in the Kingdom. It would be larger than the others, and would have better loading and unloading facilities," he said and unveiled plans to build the second container terminal at King Abdul Aziz Port in Dammam.
The minister said the government has introduced regulations for local investors to tie up with foreign partners who have necessary experience and technology in the field.
A Chinese company is studying the design and construction of the Kingdom's ninth port at Ras Al Zour in the Eastern province at a cost of $586 million.
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