The King Abdullah Port, the first-ever in Saudi Arabia developed, managed and operated by the private sector, was officially inaugurated by Prince Mohammed bin Salman, on February 11.
“The port will make the Kingdom a linking point of three continents – Asia, Europe and Africa,” said the Crown Prince in his speech at the launching ceremony. The port is aimed at making Saudi Arabia a global logistics hub, as more than 13% of the world trade movement passes through the port, which is one of the largest infrastructure projects in the Kingdom.
King Abdullah Port started its operations since 2014 and upon completion it will have a capacity of up to 20 million containers (TEU), 1.5 million car equivalent units (CEU) and 15 million tonnes of clean bulk cargo each year.
Speaking on the occasion, Saudi Arabia’s Minister of Transport Nabil Al-Amoudi said that the total value of exports at the port is expected to reach $130 billion in 2020.
It is worth mentioning that the ambitious project is part of the Kingdom’s “Vision 2030” agenda, which is expected to reform its economy.
Source: saudigazette.com,naftikachronika.gr
