December 23, 2019 / 1:17 PM / a month ago

DP World to invest $500 million to develop Jeddah Islamic Port -statement

DUBAI (Reuters) - Major port operator DP World (DPW.DI) has been awarded a 30-year concession deal by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port, the government of Dubai said in a statement on Monday.

“Under the agreement, DP World will invest up to $500 million (384.2 million pounds) to improve and modernise the Jeddah Islamic Port, including major infrastructure development to enable the port to serve ultra-large container carriers,” the statement said.

Reporting by Tuqa Khalid; editing by Jason Neely

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