PIF unit Saudi Global Ports, China’s SANY sign $1.87bln investment deal
The Saudi Global Ports Company (SGP), a unit of the sovereign-backed Public Investment Fund (PIF) of Saudi Arabia, and China’s SANY, a heavy equipment manufacturer, have signed a deal worth 7 billion riyals ($1.865 billion), which will cover investments in sustainable operations at the kingdom’s ports.
The deal will include SANY supplying 80 electric trucks to the King Abdulaziz Port in Dammam, the largest such contract signed by the company, according to a statement by Saudi’s General Ports Authority (Mawani).
Omar bin Talal Hariri, President of Maani, said the deal contributes to the development and modernisation of King Abdulaziz Port in Dammam to be a flexible and sustainable logistical centre.
This authority further stated the move is a part of the kingdom’s strategy to position itself as a major global logistics hub, connecting three continents, in line with its National Transport and Logistics Strategy.
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