Riyadh – Mubasher: The Saudi Ports Authority (Mawani) has signed with Dubai Ports a build-operate-transfer (BOT) agreement for developing container terminals in Jeddah Islamic Port.

The contracts have a total value of around SAR 9 billion ($2.4 billion).

The new contracts come as part of the Kingdom’s efforts to develop the transport system in line with Saudi Vision 2030, according to the Minister of Transport Saleh Al Jasser.

As per the new agreements, container terminals will have a 60% increased capacity, rising from around seven million to a total capacity of 12 million containers per year.

Mawani also signed with the Red Sea Gateway Terminal Company, a subsidiary of the Saudi Industrial Services Company (SISCO) in which it owns 60.6%, a long-term plan for the development of the northern part of Jeddah Islamic Port “JIP”.

The SAR 6.6 billion agreement, extends for 30 years, according to the company’s statement to the Saudi Stock Exchange (Tadawul).