Ras Al Khaimah emirate has awarded Kuwaiti firm KGL a $45 million contract to build, operate and manage the container terminal at Saqr port for 21 years.
The contract, signed Wednesday by Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah and Ismail Dashti, Board Chairman of the Kuwait and Gulf Transport Company on behalf of KGL, called for investing $15 million to build berths (8) and (9), $4 million to reconstruct berths (1), (2) and (3) and $ 3 million to build facilities for the port. $23 million will be spent on equipment.
According to WAM, Sheikh Saud welcomed investment cooperation with the leading Kuwaiti firm as part of efforts to enhance investment and cooperation with GCC states. "The agreement is a good initiative for development of Saqr Port," he added, pointing to the rapid growth in container business in the UAE. (menareport.com)
© 2004 Mena Report (www.menareport.com)
