The King Abdullah Port in Saudi Arabia has announced that the planned work on Berths 5 and 6 is set to be completed in the coming weeks.
Abdullah Hameedadin, Managing Director of the Ports Development Company and owner/developer of King Abdullah Port has said, “With the two new berths, the port’s annual capacity will rise to 4 million TEU as of the beginning of the first quarter of 2017”.
“This will extend the port’s reach to the most important trade hubs in the region and the world, solidifying the role of the private sector in general, and King Abdullah Port in particular, in achieving the objectives of Saudi Vision 2030”.
Last year, King Abdullah Port’s annual throughput rose to 1.27 million TEU, making it the fastest growing port in the world, according to a study recently conducted on over 120 container ports worldwide. This figure is expected to continue rising despite the challenges faced by the market and a slowing down of global economic growth. Moreover, the port’s annual capacity had risen by 25% to reach about four million.
The management of King Abdullah Port expects to finalise the initial phase of bulk cargo terminals with a capacity of three million tons, in addition to the RORO (roll-on/roll-off) terminals with a capacity of 300,000 CEU by the beginning of 2017.
This comes specifically after announcing the strategic move of signing an SAR 2.7 billion financial agreement with both SABB and ANB, which reflects the banking sector’s trust in King Abdullah Port.
The King Abdullah Port is the first to be owned by the Ports Development Company and is the first in the Kingdom to be fully owned, developed and operated within the private sector. The port is also purposefully situated on the Red Sea coast on one of the world’s busiest maritime shipping lanes, providing it with direct access to extensive transportation networks and urban centres.
In October 2016, PTI covered the rapid growth of King Abdullah Port.