Kuala Lumpur: MMC Ports, Saudi Binladin Group and Jazan Economic City Limited (equally owned by MMC and SBG) yesterday signed a $1.4bn port development agreement to develop a new industrial port at Jazan city. Strategically located at the mouth of the Red Sea, the port will provide easy access to the world's shipping lanes with direct access to Europe, Africa and Asia.
JEC Limited also plans to establish a $900m shipbuilding and repair center in Jazan city, in proximity to the port. It is expected to cater to vessels plying the busy Red Sea and Suez Canal route. [05/11/08]
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