A new Red Sea container terminal with an annual handling capacity of 1.5 million TEU will be built at a cost of SAR1.7 billion (US$453.9 million) at the Jeddah Islamic Port in Saudi Arabia.
The new terminal will have a draft of 18 metres and its own dedicated 16.5-metre deep channel linked to the port's main channel. The box handling facility will feature a 740-metre main berth and a 390-metre feeder berth, reports the UAE's Khaleej Times Online.
The announcement comes after Red Sea Gateway Terminal Company Limited (RSGT) and Al Rajhi Bank signed the Islamic financing agreements for the SAR1.7 billion needed to develop the project on a build, operate and transfer (BOT) basis.
The SAR1.7 billion Islamic financing facility has been fully underwritten by Al Rajhi Bank and, the report said, the container terminal will be funded in a debt-to-equity ratio of 69:31.
Construction of the new terminal is expected to take three years, after which time, RSGT would lease the facility from the bank for a period of 16 years.
The report said construction of the new terminal will be undertaken by China Harbour Engineering Company and the cranes and other equipment will be supplied by Shanghai Zhenhua Port Machinery Co. (ZPMC).
The new terminal will have a draft of 18 metres and its own dedicated 16.5-metre deep channel linked to the port's main channel. The box handling facility will feature a 740-metre main berth and a 390-metre feeder berth, reports the UAE's Khaleej Times Online.
The announcement comes after Red Sea Gateway Terminal Company Limited (RSGT) and Al Rajhi Bank signed the Islamic financing agreements for the SAR1.7 billion needed to develop the project on a build, operate and transfer (BOT) basis.
The SAR1.7 billion Islamic financing facility has been fully underwritten by Al Rajhi Bank and, the report said, the container terminal will be funded in a debt-to-equity ratio of 69:31.
Construction of the new terminal is expected to take three years, after which time, RSGT would lease the facility from the bank for a period of 16 years.
The report said construction of the new terminal will be undertaken by China Harbour Engineering Company and the cranes and other equipment will be supplied by Shanghai Zhenhua Port Machinery Co. (ZPMC).