UAE firm to manage Saudi Ports of Jeddah and Jubail Ports as part of 51% share acquisition
Gulftainer has acquired a 51 percent stake in Saudi Arabia’s Gulf Stevedoring Contracting Company (GSCCO), allowing it to assume the full management of three Saudi terminals, located in Jeddah and Jubail.
The acquisition makes Gulftainer the largest port operator in the Middle East with regard to the number of terminals operated in the region.
The Sharjah-based company will now manage 40 percent of all the major container terminal facilities in the Middle East that have the capacity to handle ships of 12,000 TEU or more, and 45 percent of all major port capacity outside of the Strait of Hormuz.
At the Jeddah Islamic Port, Gulftainer will operate the Northern Container Terminal (NCT) on the west coast of Saudi Arabia, and Jubail Commercial Port (JCP) and Jubail Industrial Port (JIP) on the east coast.
“We are delighted to be partnering with Gulftainer and look forward to continuing to strengthen the relationship in the coming years,” said the chairman of Gulf Stevedoring Company HRH Prince Abdulaziz Bin Ahmed Bin Abdulaziz Al Saud.
“These three ports will be expanding significantly and the expertise that Gulftainer brings with it to Gulf Stevedoring and Contracting Company will be invaluable.”