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MMC bags RM2bn Jeddah Port deal

MMC bags RM2bn Jeddah Port deal

Kuala Lumpur: Malaysia's MMC Corp Bhd, the owner of the Port of Tanjung Pelepas, yesterday announced it has secured a RM2 billion deal to operate a container terminal at Jeddah Port, Saudi Arabia.
The announcement came about a year after the Malaysian group got the rights to develop and manage the new US$30 billion (RM101 billion) Jazan Economic City in the kingdom.
The new deal was signed with partners Saudi Industrial Services Co, Xenel Industries Ltd and Saudi Trade and Export Development Co.
It gave MMC the rights to jointly develop and operate the thirdcontainer terminal at Jeddah Port called Tusdeer Container Terminal (TCT), with construction to start early next year and completion expected in 2010.
The new container terminal will have three berths with a capacity of 1.5 million TEUs (20-foot equivalent units) and cost some 2 billion riyals (1 riyal = RM0.9), MMC said in a statement released yesterday.  [06/11/07]

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