Saudi Arabia intends to issue tenders for a 7 billion Saudi riyals ($1.8 billion) logistics zone project in the Eastern Gulf port of Dammam in the second half of 2020, an official said in press comments published on Sunday.
The contract will be awarded soon after bidding ends and the project is expected to be completed within two years after it is launched, Chairman of the Saudi Port Authority Saad Al-Khalb told the Arabic language daily Aleqtisadia.
He said the project, one of the largest logistics zones in the Gulf Kingdom, comprises two industrial cities covering electronics and auto products, warehousing facilities, various light products and other related items.
"This project will open up massive investment and commercial opportunities for the Saudi private sector and it will largely improve logistics and sea transport services...we expect its costs to exceed 7 billion riyals," Khalb said.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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