07/02/2014 08:26 AST

Saudi seaports play a significant role in boosting the Kingdom’s economic progress and handle 520 million tons of goods and 12 million containers annually, said Transport Minister Jabara Al-Seraisry. They have a total of 220 wharfs, he added.

Addressing a ceremony marking the launch of about 60 projects worth SR2.31 billion in Yanbu by Madinah Gov. Prince Faisal bin Salman, the minister said Saudi ports have been attracting international shipping lines.

Prince Faisal pressed an electronic button to launch the projects. He also watched a documentary on the performance of the King Fahd Industrial Port and Yanbu Commercial Port. The new projects launched by Prince Faisal included those related to expansion of the two ports, the minister said, adding that the projects would contribute to boosting the Kingdom’s exports.

The government has spent SR1.11 billion on the two ports while the remaining projects launched by the governor would cost SR1.2 billion. The commercial port has nine wharfs while the King Fahd port has 24 wharfs with a capacity to handle 140 million tons.

Efforts are underway to add six more wharfs to King Fahd port to increase its capacity to 180 million tons, Al-Seraisry said.

“Saudi ports play a big role in the Kingdom’s industrial and commercial development and exporting oil and petroleum products,” he said.

The new projects included manufacturing and importing of two multipurpose tugboats, construction of new roads, security systems, fire-fighting systems and maintenance contracts.

Prince Faisal opened a new passenger lounge at the commercial port, an observation tower and expansion of the Civil Defense Department in addition to 12 investment projects for the private sector.


Arab News

Ticker Price Volume
QNBK 122.40 34,875
BURUJ 32.21 213,072
SABIC 98.22 2,108,214
CHUBB 28.70 160,783
ALOLA 46.30 128,800
GUCIC 17.82 178,214
WALAA 27.99 80,491
UAE central bank survey projects moderate growth in loan demand

22/10/2017

Demand for business credit and personal loans in the United Arab Emirates increased marginally in the July-September quarter, and a moderate increase is expected in the current quarter, a central ban

Reuters

Saudi Arabia, Iraq Agree on Importance of Commitment to Oil Production

22/10/2017

OPEC announced commitment to the oil-cut agreement reached a historic level last month, as Saudi Arabia and Iraq stressed the importance of full compliance with the agreement struck between the Organ

Asharq Al-Awsat

Saudi construction firms set for digital transformation

22/10/2017

Saudi construction firms aim for 2018 to be the 'tipping point' for digital transformation, ensuring the SR178 billion ($47.4 billion) worth of projects can be completed on-time and on-budget, accord

Trade Arabia

Mena power and utilities M&A deals reach $845m

22/10/2017

An influx of European investors saw the region’s deal activity increase to six times that of the first quarter of 2017 in the second quarter, reaching $845 million.

As in previous quarter

Trade Arabia

Saudi Arabia stays 2nd largest oil exporter to US

22/10/2017

Saudi Arabia - the largest exporter of total petroleum liquids - has maintained its position of being the second-largest petroleum exporter to the US after Canada during the first half of this year,

Trade Arabia