PSA Awarded Concession to Develop, Operate and Manage Container Terminal in Dammam, Saudi Arabia
A joint-venture company, Saudi Global Ports LLC (SGP), formed between the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia and PSA International (PSA) has been awarded the concession to develop, operate and manage the second container terminal in the King Abdul Aziz Port in Dammam, a key gateway port on the Arabian Gulf.
The SGP terminal will be equipped with the latest equipment and technology to serve the fast growing economy of the Kingdom and the regional economies of the Arabian Peninsula and transform Dammam into a preferred port of call. Ideally located close to Saudi Arabia's economic centre and capital city Riyadh, it is linked by existing railway network and excellent highways to the rest of the country.
“We welcome PSA International as a new, strong private sector partner in rendering internationally leading port services for the Middle East’s biggest economy,” said H.E. Abdul Aziz Al-Tuwaijri, President of the Saudi Ports Authority.
“The Public Investment Fund's joint venture with PSA International is the first investment by PIF in ports infrastructure in the Kingdom of Saudi Arabia. PIF is pleased to partner with PSA International, a leading and renowned port group, to develop and operate this important container terminal project in Dammam,” said Mr Mansour Al Maiman, Secretary General of Public Investment Fund.
“Dammam represents PSA International's first port infrastructure project in the Kingdom of Saudi Arabia and the Arabian Gulf. We will work closely with our partner and Saudi Ports Authority to transform the Saudi Global Ports terminal into the preferred port of call to support the high trade growth and business activities in the region,” said Mr Eddie Teh, Group CEO, PSA International.
The King Abdul Aziz Port in Dammam is the largest Gulf port in the Kingdom of Saudi Arabia. When the new SGP terminal is fully built up and developed, it will have a quay length of 1,200 metres and 12 quay cranes, with a design capacity of 1.8 million TEUs per annum.
Background
About PSA International
PSA International is one of the leading global port groups. With its flagship operations in PSA Singapore Terminals and PSA Antwerp, PSA participates in 29 port projects in 17 countries across Asia, Europe and the Americas. Employing the finest talents in the industry, PSA delivers reliable and best-in-class service to its customers and develops win-win relationships with its partners. As the port operator of choice in the world's gateway hubs, PSA is “The World's Port of Call”. PSA International has been voted “Best Global Container Terminal Operating Company” for six times since 2005 at the Asian Freight & Supply Chain Awards. In 2010, PSA handled 65.1 million TEUs of containers worldwide.
About Public Investment Fund (PIF)
The Public Investment Fund (PIF) was established by Royal Decree No. M/24, dated 25-06-1391H corresponding to 17-08-1971 to provide financing support to projects which are commercially and strategically significant for the development of the national economy. A number of important economic sectors in the Kingdom of Saudi Arabia (KSA) have availed the PIF funding such as petroleum refineries, basic petrochemical industries, pipelines and storages, transportation including maritime, airline, strategic projects owned by the private sectors, the energy sector and water desalination, mineral sectors and its infrastructural facilities such as rail road connection. PIF’s funding is handled through loans or guarantees, and in special cases, through allocations of public funds to specific projects. PIF was also assigned the role of investing and holding equity participations on behalf of the government in certain joint venture companies with the private sectors.
About Saudi Ports Authority
The Saudi Ports Authority is a centralised public organisation with the purpose to administrate commercial and industrial ports in Saudi Arabia under a landlord principle. Port operations have been handed over to the private sector. Saudi Ports Authority Headquarters are located in Riyadh with subsidiaries in all its port locations. Its portfolio comprises six commercial ports, namely in Jeddah, Dammam, Jubail, Yanbu, Dhiba and Jizan, and three industrial ports, namely in Jubail, Yanbu and Ras Az-Zawr.
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