DANISH shipping giant AP Moller-Maersk has signed an agreement with Saudi Ports Authority to invest US$136 million over 25 years in an integrated logistics park at the Jeddah Islamic Port in Saudi Arabia able to handle 200,000 TEU a year, reports Singapore's Splash 247.
The project, which will cover an area of 205,000 square metres will be the first of its kind at the port, with the goal of connecting and simplifying supply chains in the country.
Maersk, the world's biggest container shipping line, said it will also invest in renewable energy to power this facility and eventually achieve carbon-neutrality.
The Jeddah Islamic Port on the Red Sea connects with shipping routes flowing east and west. With over million TEU in and out, port has the highest volume of any in Saudi Arabia and the second largest in Gulf Cooperation Council countries.
More than 2.5 million TEU move through the port every year. It also connects to the hinterland through a road and rail network to Mecca, 42 miles away, Medina, to 215 miles away, Riyadh 617 miles away and is 1,000 miles from the UAE on the Persian Gulf.
Said Maersk country manager Mohamad Shihab: "The vision for the kingdom to diversify its economy beyond the oil sector is an important one to enable long term growth for Saudi Arabia. At Maersk, we not only believe in this vision, but are also committed to play a role by upgrading the logistics infrastructure through our integrated offering and thus opening more avenues for traders in Saudi Arabia."
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