Saudi Arabia to spend $914m on port development

Saudi Ports Authority (SPA) and King Abdul Aziz Port plan to invest SR3.43bn ($914m) in port development to meet the growing demand on the kingdom’s major seaports, Arab News has reported. Among the proposed developments is a new container terminal at a cost of SR172.5m ($46m) to be built in Dheba Port, with two others to be constructed at King Fahd Industrial Port in Jubail at a cost of SR142.5m ($38m), both of which are due for completion by 2014. In addition, more than SR2.81bn ($750m) is to be invested into the expansion of Dammam’s King Abdul Aziz Port, with SR2bn ($535m) allocated for container terminal capacity expansion and SR798.75m ($213m) for other facilities, following a 10% year-on-year increase in container handling in 2012.