Saudi Arabia's Ports Authority signs $1.9 bln deal with SGP

The Saudi Ports Authority (Mawani) said on Monday it had signed an agreement worth more than 7 billion riyals ($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 King Abdul Aziz Port in Dammam's capacity by more than 120% to reach 7.5 million containers, Mawani said.

($1 = 3.7590 riyals)