KUALA LUMPUR, Nov 6 (AFP): Malaysian conglomerate MMC Corporation has signed a deal to take part in a joint venture project to develop a 535 million dollar container terminal at Jeddah port in Saudi Arabia.
MMC said in a statement yesterday it will pay a nominal sum of 2.00 dollars to acquire City Island Holdings, which has a 20 per cent stake in the project.
The Saudi partners are Saudi Industrial Services Company, Xenel Industries Limited and Saudi Trade and Export Development Company, who collectively hold the other 80 per cent interest.
The consortium will develop and operate the port's container third terminal which will have three berths with a total capacity of 1.5 million twenty foot equivalent units (TEUs).
It will also have a 30-year concession expiring in February 2039 to operate the terminal.
M'sian firm inks deal to develop Saudi port
FE Team | Published: November 07, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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