Saudi authorities give DP World Jeddah Port plans go-ahead
Dubai-based ports operator DP World says it has received approval from the Saudi Arabian ports authority for its plans to transform Jeddahs docks.
In October 2017, DP World announced plans to develop Saudi Arabias Jeddah port, in support of the countrys Saudi Vision 2030.
Talking to Bloomberg on the sidelines of the World Government Summit (WGS) taking place in Dubai this week, DP World chief executive Sultan Ahmad Bin Sulayem confirmed that the plan had been approved, and the company was in the final stages of talking to the Saudi ministry on a date to start its expansion.
Yes [the plans have been approved]. We have been discussing this for many months actually. This is part of the Saudi plan for Jeddah, Bin Sulayem said in the interview. Today, he added, the location was strategically important as the main port in Saudi Arabia, and especially, its on the Red Sea, which is the most important route between Europe to the Far East.
DP World has so far declined to specify the amount it plans to invest in the ports expansion.
The potential is big, but unfortunately the infrastructure in Jeddah port itself wasnt developed. So now were geared [up for] major investment, deployed for Jeddah to take advantage of the Red Sea market, but also most importantly, the growth expected in Saudi Arab....