Saudi Ports Authority Signs Deal with CMA CGM
Saudi Ports Authority (Mawani) has signed a joint agreement with Red Sea Gateway Terminal Co. (RSGT) and France's CMA CGM Group to develop and operate the fourth container terminal at Jeddah Islamic Port.
The investment for this project is SAR 1.7 billion, and the new terminal will have a handling capacity of 2.6 million twenty-foot equivalent units (TEUs).
- The agreement was signed during the ninth Future Investment Initiative (FII) conference in Riyadh.
- The partnership will raise RSGT's annual operating capacity to 8.8 million TEUs.
- It will also enhance service quality and strengthen Jeddah Port's connectivity by leveraging CMA CGM's global network and RSGT's operational expertise.
Jeddah Islamic Port is the largest port on the Red Sea coast, featuring 62 multi-purpose berths.
No direct quotes available in the given text.
Author's summary: Mawani signs a SAR 1.7B deal with CMA CGM to develop Jeddah port terminal.
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