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Saudi Arabia: $2.4 Bn Contracts to Develop Jeddah Islamic Port

During the signing ceremony between Saudi Ports Authority (Mawani) and DP World (WAM)
During the signing ceremony between Saudi Ports Authority (Mawani) and DP World (WAM)
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Saudi Arabia: $2.4 Bn Contracts to Develop Jeddah Islamic Port

During the signing ceremony between Saudi Ports Authority (Mawani) and DP World (WAM)
During the signing ceremony between Saudi Ports Authority (Mawani) and DP World (WAM)

The Saudi Ports Authority (Mawani) signed $2.4 billion build, operate, and transfer (BOT) contracts with global port operator DP World and regional port operator the Red Sea Gateway Terminal (RSGT) to develop and operate container terminals and use Jeddah Islamic Port as a regional hub for transshipment.

The contract is over 30 years and aims to transform the port into a logistics hub that provides services to over 500 million consumers in the region.

Speaking at the signing ceremony, Saudi Minister of Transport and Mawani's Chairman of the Board, Saleh al-Jasser stated that the agreements with DP World and RSGT are part of the Ministry and Authority's strategic plan to transform Saudi Arabia into a vibrant trading hub in the region.

Jasser spoke of the importance of increasing the capacity of Saudi ports by strengthening partnerships with the local and global private sector, providing the latest operating systems aligned with global standards, and accelerating the import and export ecosystem.

Also at the ceremony, Mawani President Saad al-Khalb noted that Mawani aims to strengthen public-private partnership in line with Vision 2030.

Khalb also indicated that the authority wants to increase private sector investment in long-term contracts to advance operational efficiency of infrastructure and optimize the benefit from investments.

It also plans to increase the share of the private sector in Saudi ports to 70 percent by 2020.

For his part, DP World Group CEO Sultan Ahmed bin Sulayem announced that DP World is honored to support Vision 2030 to transform the country into a global logistics hub.

He indicated that DP’s investment in Jeddah South Container terminal will result in greater direct and indirect job creation and deliver efficiency and productivity to the Port's operations.

The CEO added that the strategic partnership with Mawani and the Ministry of Transport and National Centre for Privatisation will help develop the Kingdom's trade ecosystem while enhancing the nation's competitiveness.

“Our ambition is to develop inland connectivity across the Arabian Peninsula between Jeddah and Jebel Ali Port in Dubai, as well as to Saudi Arabia's cities through smart technology-led logistics, which should support further growth in this strategic hub that connects East-to-West.”

Established in 1976, the Jeddah Islamic Port is on the Red Sea and the largest port in Saudi Arabia with annual volumes of over 6 million TEU's. The Port currently handles approximately 60 percent of the country's sea-imports and is a strategic hub that connects East-West cargo.

The new terminal will also have an upgraded capacity of 3.6mn TEU up from 2.4mn TEU, to meet the expected growth demands of the future, and will provide 1,400 jobs.

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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.