DP World & Saudi Ports Authority’s Jeddah Islamic Port to have Logistics Park Soon
DP World and the Saudi Ports Authority (Mawani) announced the signing of a 30-year deal for more than SAR 500 million ($133.33 million) to construct a state-of-the-art, port-centric Logistics Park at the Jeddah Islamic Port. The 415,000 square meter purpose-built facility will expand DP World’s regional presence and deliver cutting-edge multi-modal logistics solutions to the Kingdom of Saudi Arabia.
The agreement was signed under the patronage of His Excellency Eng. Saleh bin Nasser Al-Jasser, Saudi Minister of Transport and Logistic Services and Chairman of the Board of Saudi Ports Authority.
His Excellency Omar Bin Talal Hariri, President of Mawani, His Excellency Sheikh Nahyan bin Saif Al Nahyan, UAE Ambassador to the Kingdom of Saudi Arabia, Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, Mohammad Alshaikh, CEO DP World Saudi Arabia, and a delegation of senior Saudi government officials, as well as representatives from DP World’s leadership team, were in attendance at the signing ceremony.
The port-centric Logistics Park will promote re-export activity at Jeddah Islamic Port, lowering logistics time and cost for both importers and exporters. It will offer an integrated platform of services that connects port operations with last-mile activities, including temperature-controlled cargo storage as well as cargo processing, labeling, fulfillment, consolidation, and de-consolidation.
DP World, formed in 2005 by the merger of Dubai Ports Authority and Dubai Ports International, handles 70 million containers carried in yearly by around 70,000 vessels. This translates to around 10% of worldwide container traffic, which is accounted for by their 82 marine and onshore facilities located in over 40 countries.
Caisse de Depot et Placement du Quebec agreed last month to invest $5 billion in DP World’s Dubai assets as the port operator seeks methods to lower its debt. DPMETAWORLD, a project to deliver virtual solutions to real-world supply chain difficulties, was also unveiled by the logistics company.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World said: “We are proud and honored to contribute effectively towards the achievement of Vision 2030, which includes the development of a prosperous and sustainable maritime transportation ecosystem that supports the kingdom’s socio-economic ambitions and consolidate its status as a global logistics hub. On this occasion, we reiterate our commitment to investing in the modernization of this facility by providing the highest standards of logistics services and technology-enabled trade solutions.”
