Riyadh – Saudi Arabia’s Supervisory Committee for Privatization of Transport Sector has approved signing concession contracts with global port operator DP World and regional port operator the Red Sea Gateway Terminal (RSGT) to develop and operate the container terminals at the Jeddah Islamic Port.
The project will activate memoranda of understanding signed with the Saudi Ports Authority (Mawani), according to an official statement.
As per the statement, the Build, Operate, and Transfer (BOT) contracts are set to be signed before the end of 2019.
“Throughout the contract term, the operations will be evaluated through ambitious and specific performance indicators that utilize the highest global standards; and contribute towards enhancing the Kingdom’s competitiveness on the investment and logistical fronts,” Mawani said.
The concession contracts are they are expected to create several direct jobs in the ports and the logistical services sectors, along with indirect job opportunities in relevant sectors.
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