AMSteel to Operate King Abdullah Port’s Bulk Terminal
- Business & Finance
Saudi Arabia’s King Abdullah Port has signed an agreement with port operator AMSteel for the operation of its first bulk and general cargo terminal berth.
Under the agreement, AMSteel will operate the facility for a period of 25 years.
“Signing this agreement comes within the framework of developing our capabilities in the field of bulk and general cargo,” Eng. Abdullah M. Hameedadin, Managing Director of the Ports Development Company, owner and developer of King Abdullah Port, said.
“It will enable us to actively contribute to promoting this industry due to its economic benefits and its support for the development journey in the Kingdom.”
The first phase of bulk and general cargo terminals, which would have a capacity of three million tons, is scheduled to start operations in the second quarter of 2018.
King Abdullah Port has been able to significantly develop its capacities; raising its annual throughput to 1.4 million TEU by the end of 2016. Additionally, the infrastructure’s annual capacity has reached four million TEU.