Monday, Dec 11, 2006
BEIRUT (Zawya Dow Jones)--The Saudi Ports Authority and Saudi-based International Ports Services Co. have signed a deal under which IPS will develop the King Abdul Aziz Port in Dammam to become of the leading ports in the region, the Riyadh-based Al Iqtisadiah daily reported Monday.
Under the deal, IPS will invest 300 million Saudi riyals ($80 million) in new equipment for the port, the report said.
It quoted Awadh Al Harb, project manager at IPS, as saying the firm recently purchased SAR100 million worth of new equipment.
Al Iqtisadiah didn't provide information on the duration and overall value of the development contract.
The company is currently managing the King Abdul Aziz Port under a 10-year contract since 1997.
"With the arrival of the new equipment, IPS will have invested a total SAR400 million in the development of the port," Harb said.
Newspaper website: http://www.aleqt.com
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2006 ABQ Zawya Ltd.
(END) Dow Jones Newswires
11-12-06 1352GMT
