Saudi Arabia’s Ports Authority signs its biggest deal with SGP worth $1.9bn

King Abdelaziz Port in Dammam has integrated maritime capabilities and advanced logistic facilities. (Photo courtesy/Mawani)
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Updated 13 April 2020

Saudi Arabia’s Ports Authority signs its biggest deal with SGP worth $1.9bn

  • SGP will build, operate and transfer the container terminals on a 30-year contract
  • The project will increase the capacity at King Abdul Aziz Port in Dammam by more than 120 percent

DUBAI: The Saudi Ports Authority (Mawani) said on Monday it had signed an agreement worth more than $1.9 billion with Saudi Global Ports (SGP) to build and operate container terminals at a port in Dammam.
SGP will build, operate and transfer the container terminals on a 30-year contract. The project will increase the capacity at King Abdul Aziz Port in Dammam by more than 120 percent to reach 7.5 million containers and add more than 4,000 jobs in the ports and logistical sectors, the Saudi Minister of Transport Saleh Al-Jasser said.
“We are witnessing today one of the most important achievements of the Saudi Vision 2030 in the field of maritime transport and a historic moment for the King Abdulaziz Port in Dammam, the eastern gate of the Kingdom,” said Chairman of SGP, Abdullah Al-Zamil.


 
The SGP chairman said operating new container and expansion stations in King Abdulaziz Port will contribute to accelerating the pace of operations, boost trade and generate economic diversification comparable to the oil and gas sector.
Singapore’s Coordinating Minister for Infrastructure and the Minister for Transport Khaw Boon Wan – who was present during the signing done over video call – said that ports play a crucial role in ensuring the flow of goods and the continuity of the work of global supply chains. The minister added that this matter becomes more important in light of the new coronavirus crisis, which requires the transportation of food, medical supplies and many basic supplies.

“Singapore has a close working relationship with many companies in the eastern province including Saudi Aramco,” Khaw Boon Wan said.


Saudi regulator refers investors to Public Prosecution over $346m in suspicious trading

Updated 30 November 2020

Saudi regulator refers investors to Public Prosecution over $346m in suspicious trading

  • The investors were suspected of violating Article (49) of the Capital Market Law

The Capital Market Authority (CMA), announced today, Nov. 30, referring 22 investors to the Public Prosecution over suspicious trading in shares of Dar Al Arkan Real Estate Development Co., and making illicit gains of SAR 1.33 billion ($346.7 million).

The investors were suspected of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations, the market regulator said in a statement.

The claim was referred to the Committee for Resolution of Securities Disputes.

This came in line with the CMA’s efforts to protect the market from unfair as well as illegal practices, including deceit, cheating, fraud and manipulation, and to ensure market efficiency and transparency.

Last week, the CMA identified some cases suspected of manipulations, fraud and scam of the capital market rules and its executive regulations, amid the price fluctuations of some stocks, Argaam reported.

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