(MENAFN)The Saudi Ports Authority said that the railway project linking the ports of Dammam and Jeddah together is expected to boost Saudi Arabia's trade with both the GCC and European countries, Arab News reported.
"The Saudi Railway Organization is planning to establish a railway between Riyadh and Jeddah. This will be linked with the existing Riyadh-Dammam railway. This project will open new trade opportunities and reduce transport charges," The President of Saudi Ports Authority said.
The SPA also emphasized the need to invest more money to expand the Kingdom's ports since they play an important role in the economy as 90 percent of the Kingdom's goods and cargo are transported through ports.
The Port Authority said that the Saudi government has shown its confidence in both the ports and the private sector by giving them an opportunity to run 10 ports across the country, with the private sector investing more than USD532.80 on Jeddah port and almost the same amount on the Dammam port as well.
Saudi Arabia is currently registering a significant growth in its ports and shipping sectors, particularly in the number of mega infrastructural projects planned or currently in progress, which have totaled to reach more than USD30 billion in their value.
These mega projects include Jeddah Islamic Port, which is currently undergoing an expansion project that will result in increasing its capacity by 45 percent, the first phase of the USD26 billion King Abdullah Economic City (KAEC), Marafiq's Yanbu Industrial City Marine Facilities, which will cost USD210 million and the expansion project of the Dareen Port, with its expected cost of USD35 million and which is due to be completed this year.
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