Saudi Ports Authority Embarks on Major Privatization of Cargo Terminals in Historic Investment Move
Under the leadership of H.E. Eng. Saleh bin Nasser Al-Jasser, Saudi Arabia's Minister of Transport and Logistics Services, significant strides were taken in the logistics sector as the Saudi Ports Authority, known as Mawani, initiated a privatization program impacting crucial cargo terminals at eight ports across the Kingdom. This ambitious project, which is projected to inject over SAR 2.2 billion in private sector investments, is poised to elevate the operational efficiency and global competitiveness of Saudi ports.
The recent contracts, set within a 20-year Build-Operate-Transfer (BOT) framework, mark a pivotal moment in the Kingdom's efforts to modernize its maritime operations. The agreements have been established with prominent national players, including Saudi Global Ports and Red Sea Gateway Terminal Company. The signing ceremony witnessed the participation of various dignitaries, including Mr. Mazen bin Ahmed Al-Turki, the Acting President of Mawani, and key officials from the partnering companies, highlighting both the importance and commitment to this enterprise.
During the ceremony, H.E. Eng. Al-Jasser underscored the strategic significance of these contracts, noting that the inflow of private investments into Saudi ports attests to the region's robust logistics framework and its standing in the global market. He expressed gratitude towards the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince for their unwavering support, attributing the burgeoning efficiency of the logistics sector to this backing. "These partnerships form the foundation of our objective to transform Saudi Arabia into a leading logistics hub on the global stage," he stated. He further emphasized the alignment of these agreements with the National Transport and Logistics Strategy and the broader goals set out in Vision 2030.
The investment strategy delineates that Saudi Global Ports will manage and develop operations at four key ports in the Eastern Province, namely King Abdulaziz Port in Dammam, Jubail Commercial Port, King Fahd Industrial Port in Jubail, and Ras Al-Khair Port. Conversely, Red Sea Gateway Terminal will oversee four ports situated in the Western Province: Jeddah Islamic Port, Yanbu Commercial Port, King Fahd Industrial Port in Yanbu, and Jazan Port.
Enhancements slated for these ports include an increase in container capacity, boosted by state-of-the-art Ship-to-Shore (STS) and Rubber-Tyred Gantry (RTG) cranes, alongside the integration of advanced smart yard equipment. Furthermore, initiatives aimed at diminishing truck and vessel turnaround times are designed to significantly amplify port efficiency and productivity.
These privatization contracts received the green light from the Supervisory Committee for Privatization in the Transport and Logistics Sector, under the chairmanship of H.E. Eng. Al-Jasser. They reflect not only the ambitions of the Kingdom to expand its port capabilities but also its commitment to fostering economic diversification and achieving sustainable development aligned with Saudi Vision 2030. This initiative represents one of the most comprehensive endeavors to privatize the maritime sector in the Kingdom's history, promising extensive economic benefits and enhanced service delivery in the upcoming years. Mawani's forward-thinking strategy outlines a clear trajectory for overcoming the challenges faced in global logistics and positioning Saudi Arabia as a formidable player in the international maritime domain.
The recent contracts, set within a 20-year Build-Operate-Transfer (BOT) framework, mark a pivotal moment in the Kingdom's efforts to modernize its maritime operations. The agreements have been established with prominent national players, including Saudi Global Ports and Red Sea Gateway Terminal Company. The signing ceremony witnessed the participation of various dignitaries, including Mr. Mazen bin Ahmed Al-Turki, the Acting President of Mawani, and key officials from the partnering companies, highlighting both the importance and commitment to this enterprise.
During the ceremony, H.E. Eng. Al-Jasser underscored the strategic significance of these contracts, noting that the inflow of private investments into Saudi ports attests to the region's robust logistics framework and its standing in the global market. He expressed gratitude towards the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince for their unwavering support, attributing the burgeoning efficiency of the logistics sector to this backing. "These partnerships form the foundation of our objective to transform Saudi Arabia into a leading logistics hub on the global stage," he stated. He further emphasized the alignment of these agreements with the National Transport and Logistics Strategy and the broader goals set out in Vision 2030.
The investment strategy delineates that Saudi Global Ports will manage and develop operations at four key ports in the Eastern Province, namely King Abdulaziz Port in Dammam, Jubail Commercial Port, King Fahd Industrial Port in Jubail, and Ras Al-Khair Port. Conversely, Red Sea Gateway Terminal will oversee four ports situated in the Western Province: Jeddah Islamic Port, Yanbu Commercial Port, King Fahd Industrial Port in Yanbu, and Jazan Port.
Enhancements slated for these ports include an increase in container capacity, boosted by state-of-the-art Ship-to-Shore (STS) and Rubber-Tyred Gantry (RTG) cranes, alongside the integration of advanced smart yard equipment. Furthermore, initiatives aimed at diminishing truck and vessel turnaround times are designed to significantly amplify port efficiency and productivity.
These privatization contracts received the green light from the Supervisory Committee for Privatization in the Transport and Logistics Sector, under the chairmanship of H.E. Eng. Al-Jasser. They reflect not only the ambitions of the Kingdom to expand its port capabilities but also its commitment to fostering economic diversification and achieving sustainable development aligned with Saudi Vision 2030. This initiative represents one of the most comprehensive endeavors to privatize the maritime sector in the Kingdom's history, promising extensive economic benefits and enhanced service delivery in the upcoming years. Mawani's forward-thinking strategy outlines a clear trajectory for overcoming the challenges faced in global logistics and positioning Saudi Arabia as a formidable player in the international maritime domain.
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