$613m for Port Expansion Projects in Saudi

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Saudi Arabia will “raise the capacity of its second-largest port in Dammam and may spend more than $613 million on port expansions to rival other regional ports,” Arab News reports, citing Transport Minister Jabara Al-Seraisry said.

Saudi Arabia’s has undertaken a massive effort to privatize its port system, and now “recover all expenses from their revenues, and also achieve a surplus to the National Treasury,” according to the Saudi Ports Authority.

“Free trade policies are influencing world trade, and competition is becoming ever more vigorous. Ports, all over the world, are competing as never before, and are making huge investments to upgrade their equipment and modernize their operations to meet the new requirements.

The great change in the Saudi national economy, which has changed drastically from a consuming and importing one to a producing and exporting one. Exports, now, account for 70% of the total cargo handled in the Saudi ports, compared to less than 10% in the early eighties.”