Best time to invest in Saudi ports, says key industry player
Saudi Arabia’s Vision 2030 is focused on leveraging the kingdom’s strategic location to boost its role in connecting the continents of Africa, Asia and Europe.
Thanks to its unique location, coupled with the Saudi Ports Authority’s recent allocation of $2.4 billion for investment in the development of local ports, there has never been a better time to invest in the kingdom, according to Jason French, Group CEO of Gulf Stevedoring Contracting Company, a subsidiary of global port and logistics operator Gulftainer.
The encouragement of private investment in port infrastructure and services is key to the sustainable development of the kingdom’s ports, he added.
The privately-owned, independent port management and logistics company, which is based in the UAE, is a prime example of the difference such investment can make – its subsidiary in Saudi Arabia, the Gulf Stevedoring Contracting Company, last year invested $50 million to further expand operations at Jubail Commercial Port (JCP) and boost its handling capacity to 1.8 million TEUs.
"Investment is a vital enabling factor for sustainable development in the sector," remarked French.
"It not only contributes to promoting Saudi Arabia’s economic growth, but also helps develop local services in the ports sector while raising the competitiveness of Saudi ports regionally and globally," he said.
Gulftainer, he stated, believes that the success achieved at Al Jubail can be replicated.
"We have proven that private investment can boost the Saudi ports sector, and we are keen to expand to other ports in the kingdom. With our extensive experience in terminal management and our focus on reliability, flexibility, efficiency, and sustainability, we have built a strong foundation of global shipping and logistics services at Al Jubail. Our ambition is to duplicate this across other and to be a catalyst in the growth of the Kingdom’s trade and economy," he added.
