The Saudi Ports Authority, or SPA, expects its revenue to grow to 3.8 billion Saudi riyals ($1.01 billion) this year from SAR3.3 billion in 2011, Abha-based Al Watan daily reports Saturday, citing an executive.
The first-half revenue increased 13% on year to SAR1.6 billion thanks to growing productivity in local ports, Musaed Al Drees, SPA's director general for administration, told the paper.
SPA and the private sector have injected more than SAR10 billion in projects to enhance the local ports' capacity to attract sea trade and strengthen the confidence of shipping lines in these ports, the daily cites Mr. Drees as saying.
He told Al Watan that SPA is engaged in expansion projects involving the construction of new wharfs and support yards and the installation of new equipment and machineries. Mr. Drees added that these projects also include introducing new technology in the ports' operations and raising safety levels.
Zawya Dow Jones