Peter Stewart, PortandTerminal.com, January 30, 2019
Saudi Industrial Services (Sisco) has inked a memorandum of understanding (MoU) with Saudi Ports Authority to further develop Jeddah Islamic Port (JIP) on a long-term basis
Saudi Arabia, the biggest Arab economy, is undertaking a slew of measures to help boost the contribution of the non-oil sector to the economy under Vision 2030, the overarching road map for the kingdom’s overhaul.
The National Industrial Development and Logistics Programme (NIDLP) covers 42 initiatives for creating local commercial activity in key sectors that include mining, logistics, and various other industries, the kingdom’s energy minister, Khalid Al Falih said on Monday in his keynote address at a conference in Riyadh to reveal the programme, where he was accompanied by Crown Prince Mohammed Bin Salman.
Saudi Arabia plans to spend 100 billion riyals ($35 bn) in 2019 and 2020 as part of a massive new industrial strategy aimed at weaning the kingdom off oil, creating 1.6 million jobs and attracting as much as $560 billion in investment by 2030.
Under Vision 2030, the private sector’s contribution to the economy is set to increase to 65 per cent by 2030 from the current 40 per cent of gross domestic product.
Part of a package of deals signed is a deal with Dubai-base DP world, among the top five ports operator globally, to Build, Operate and Transfer (BOT) a container terminal at Saudi Arabia’s Jeddah Islamic Port (JIP).
The JIP is Saudi Arabia’s largest seaport and handles approximately 50% of the country’s containerized volume and almost 60% of the country’s total imports.
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