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Saudi Arabia Invests in Construction of Logistics Park at Jeddah Port
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2022-10-01 09:00
According to statistics from Saudi Arabia's Ministry of Investment, the Saudi Kingdom approved a total of 49 investment projects in the second quarter of 2022, amounting to US$925 million. One of the major investment projects is a US$133-million joint venture between the Saudi Ports Authority and Dubai-based logistics firm DP World to construct a 415,000 square-meter logistics park at Jeddah Islamic Port.

The park will include a container base adding 250,000 TEU (twenty-foot equivalent unit) capacity as well as a 100,000 square-meter storage area as it attempts to integrate container discharging, warehouse management and package distribution.
Once established, the park will cut delivery duration and transportation costs in addition to providing end-to-end logistics, serving as major trade and logistics gateway of the Red Sea.

As early as April 2020, DP World signed a concession with the Saudi Ports Authority to continue operating at the South Container Terminal for the next 30 years, as it committed to investing more than US$800 million in the expansion and modernization of the Jeddah Port. The expansion project is set to be completed by 2024, with the modernized terminal increasing the port's container handling capacity from 2.5 million to 4 million TEUs.

According to the Saudi Ports Authority, in August 2022 total handling volume of all commercial ports in Saudi Arabia reached 942,000 TEUs, representing a year-on-year increase of 14%. Meanwhile, Dammam Port on the Kingdom's east coast set another record high in monthly handling volume of 199,609 TEUs in August, eclipsing the previous record set just two months earlier.

The Saudi government strongly supports development in logistics and maritime shipping to improve efficiency of port operations and to boost Saudi Arabia's rankings in the logistics performance index (LPI) from 49th in 2014 to 25th by 2030, a target set by the National Transport and Logistics Strategy.

Sources: Bureau of Foreign Trade, MOEA; Saudi Press Agency; Seatrade Maritime News

Update: 2020-04-23
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