International Finance
Featured Ports and Shipping

Containers in Saudi Ports increased by 6% y-o-y in December 2020

Saudi ports_IFM_Image
Ports in the Kingdom handled around 631,000 containers during the period

Ports in the Kingdom of Saudi Arabia handled around 631,000 containers during the month of December 2020, which is a 6 percent increase year-on-year, media reports said. The total cargo tonnage handled at Saudi ports last month hit more than 26 million tons through 1,032 ships.

While the number of imported vehicles increased to 89,000, the number of passengers reached 48,000. Authorities in the Kingdom are planning to transform its ports into one of the world’s best with international practices; through raising the ports’ digital efficiency and achieving competitive services in operation and handling.

Recently, Dubai-based port operator DP World signed a 20-year concession agreement with the Government of Angola to operate the Multipurpose Terminal (MPT) at the Port of Luanda.

DP World will invest around $190 million over the next 20 years in upgrading and sustaining the port. The investment will also be used to increase efficiency in the port. According to DP World, the broader aim to increase annual throughput to 700,000 teu a year and will include the training and development of existing staff.

In this regard, Ricardo de Abreu, Minister of Transport of the Government of Angola told the media, “We understand that the performance of the Transport Sector in our country must count on key players such as DP World, to help us both modernise our infrastructure, as well as make it more competitive. As Government, maintaining the jobs of workers assigned to the Terminal, the implementation of a training and capacity building plan in different areas by the concessionaire, and the inclusion of middle and senior Angolan staff in its decision making structure, are some of the other gains from this relationship that we greatly appreciate.”

What's New

If Insights: Will UK cut its interest rate ahead of US?

IFM Correspondent

Malicious bots made up almost a third of all internet traffic in 2023

IFM Correspondent

Start-up of the Week: Keyrock, innovating digital asset liquidity in tokenized economies

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.