Saudi Ports Authority (Mawani) has signed a 30-year-long build-operate and transfer (BOT) contract to develop the northern part of Jeddah Islamic Port, making it the largest container terminal in the kingdom, with investments worth SR6.6 billion ($1.75 billion).

In cooperation with the National Privatization Center and the Ministry of Transport, Mawani also aims to award 12 such BOT contracts to the private sector, reported the Saudi Gazette, citing a senior official.

Mawani President Engineer Saad Alkhalb said that the authority’s foray into awarding contracts on BOT basis was a successful one, as its productivity exceeded the expected rates by about 10 per cent during the six-month period following its operation.