Within the framework of consolidating the Kingdom of Saudi Arabia's position as a hub for global logistics services, The Supervisory Committee for Privatization of Transport Sector has approved signing concession contracts with the leading global port operator DP World and the leading regional port operator the Red Sea Gateway Terminal (RSGT), to develop and operate the container terminals at the Jeddah Islamic Port. This project will activate the MoUs that the Saudi Ports Authority "Mawani" had signed in the presence of Crown Prince Muhammed Bin Salman Bin Abdulaziz last February during the inauguration of The National Industrial Development and Logistics Program, one of Saudi Vision 2030's major initiatives. Additionally, the initiative complements Mawani's joint efforts with the Ministry of Transport and National Center for Privatization, which aims to develop the Saudi ports ecosystem and raise the nation's competitiveness. It also consolidates Mawani's pivotal role as a key contributor toward transforming Saudi Arabia into a global logistics hub connecting the three continents. The Build, Operate, and Transfer (BOT) contracts are set to be signed before the end of 2019. This project highlights an advanced phase of development pursued by Mawani through which it seeks to strengthen its partnerships with the private sector and elevate its capabilities, operational capacities, and competitive offerings. Throughout the contract term, the operations will be evaluated through ambitious and specific performance indicators that utilize the highest global standards; and contribute towards enhancing the Kingdom's competitiveness on the investment and logistical fronts, further augmenting Mawani's position as a key enabler for achieving the targets of Saudi Vision 2030 to position the Kingdom as a global logistics services hub. The concession contracts are anticipated to have direct positive impact on the Saudi economy through increasing the level of investments and ensuring the adoption of international best practices in ports' operations. Additionally, they are expected to create numerous direct jobs within the ports and the logistical services sectors, as well as indirect job opportunities through other relevant sectors within the supply chain. — SG
