Saudi Arabia Launches 4th New Shipping Line in 2020

Saudi Arabia Launches 4th New Shipping Line in 2020

Saudi Arabia Launches 4th New Shipping Line in 2020





















Published June 25th, 2020 - 07:30 GMT











Highlights





Line will connect Dubai's Jebel Ali Port with Egypt's Sokhna Port via Jeddah Islamic Port







The Saudi Ports Authority (Mawani) has launched the first direct shipping line connecting Dubai's Jebel Ali Port with Egypt's Sokhna Port through Jeddah Islamic Port.

It is the fourth shipping line to be launched by Mawani and comes as the region's big logistics hubs come under pressure from a sharp decline in global trade.

The investment is part of a broader plan to boost the trade economy of the Kingdom by establishing it as a landbridge for goods between Europe and Africa.

DP World was awarded a 30-year build-operate-transfer (BOT) concession by Mawani in December for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port. 

Under the deal, DP World will invest up to $500 million to improve and modernize Jeddah Islamic Port, allowing it to handle ultra-large container carriers (ULCC's), considered to be the world's largest mega containerships.

"The direct shipping line will connect Jeddah Islamic Port