Emaar Economic City joins hands with DP World to develop Saudi Seaport

Emaar Economic City (Emaar EC) the subsidiary of the major Dubai real estate developer Emaar Properties PJSC has signed an agreement with the Dubai-based DP World Limited, a global marine terminal operator, to develop and operate the port at King Abdullah Economic City (KAEC) in Saudi Arabia that would be the largest on the Red Sea.

The port, which will be the first in the kingdom to be financed completely by the private sector, would become one of the world's 10 largest ports with a capacity to handle 20 million 20-foot containers a year, said Emaar EC, the Saudi Arabia unit of Dubai's Emaar Properties PJSC the leading real estate developer in Dubai."With its strategic location on the Red Sea, the KAEC Sea Port will create a regional logistics hub that will further stimulate the Saudi economy through new job and investment opportunities," said Mohamed Ali Alabbar, chairman of Emaar EC.

The statement said that a multi-purpose cargo terminal is set to be operational by the end of 2010 and a separate terminal capable of handling 1.6 million TEU, or 20-foot equivalent container units, will operate by mid-2011. Afterwards the port's capacity will be increased on several phases.