MMC wins $600m Saudi port deal
Kuala Lumpur, November 5, 2007
Malaysian infrastructure and energy group MMC Corp has won the right to jointly develop and operate a terminal at Jeddah Port.
The deal is worth about 2 billion ringgit ($598.8 million), MMC said on Monday.
Under the plan, MMC's international unit will, together with its Saudi partners, buy a firm which owns the 30-year concession to jointly operate the terminal.
"This deal will further expand MMC's footprint internationally in the ports business and complement our strategic focus in Saudi Arabia and other countries in the Middle East and North Africa," said MMC Group chief executive Feizal Ali in the statement.
"We will leverage on our experience in developing and managing our two ports in Malaysia and replicate our success in one of the most dynamic regions in the world."
The port deal comes a year after MMC was awarded the rights to develop and manage a new $30 billion Jizan Economic City in Saudi Arabia, MMC said.
Construction is expected to begin in early 2008 and be fully completed by 2010, MMC added. - Reuters