In a move set to redefine the maritime landscape of the Gulf and the wider Middle East, Saudi Arabia has signed long-term concession contracts worth over US$586 million to develop and operate multipurpose cargo terminals at eight major ports across the Kingdom.
The agreements, awarded to Singapore’s PSA-backed Saudi Global Ports and the Saudi-Malaysian joint venture Red Sea Gateway Terminal, reflect Riyadh’s accelerating ambitions to become a regional logistics titan and perhaps, a direct challenger to the United Arab Emirates’ dominance in Gulf shipping.
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