Phase 1 of King Abdullah Economic City port facility to open in Q3
TRIAL operations of the first phase of the 14-square-kilometre seaport within the King Abdullah Economic City (KAEC), which is being built in Saudi Arabia on a 168 square kilometre site located along the coast of the Red Sea 100 kilometres north of Jeddah, are expected to commence in the third quarter of 2013.
The company building the new KAEC project, Emaar TEC, said in a statement to the Saudi stock exchange said that the new port will initially be able to handle up to 1.3 million TEU, reports Dubai's Construction Week OnLine.
A company has been established to continue the construction of the port, which will have a throughput capacity of 20 million TEU and occupy a site measuring 20 square kilometre when it is fully developed.
The new company will invest around US$800 million in the development, maintenance and operation of the new city's port. Emaar TEC will own a 34 per cent stake in the new company, and the remaining 66 per cent stake will be owned by the contractor, Saudi BinLadin Group.
Emaar TEC said it has achieved a number of other goals across the KAEC development. In the 62.5 square kilometre industrial zone, some 25 per cent of the $24 million of infrastructure works for the second phase of the project has been completed, with phase one completed in full and a number of factories already starting to operate.
A master plan for the second phase of the industrial zone, comprising around 18 million square metres, has also been created by architectural firm Skidmore Owings & Merrill, with Buro Happold providing engineering advice.
TRIAL operations of the first phase of the 14-square-kilometre seaport within the King Abdullah Economic City (KAEC), which is being built in Saudi Arabia on a 168 square kilometre site located along the coast of the Red Sea 100 kilometres north of Jeddah, are expected to commence in the third quarter of 2013.
The company building the new KAEC project, Emaar TEC, said in a statement to the Saudi stock exchange said that the new port will initially be able to handle up to 1.3 million TEU, reports Dubai's Construction Week OnLine.
A company has been established to continue the construction of the port, which will have a throughput capacity of 20 million TEU and occupy a site measuring 20 square kilometre when it is fully developed.
The new company will invest around US$800 million in the development, maintenance and operation of the new city's port. Emaar TEC will own a 34 per cent stake in the new company, and the remaining 66 per cent stake will be owned by the contractor, Saudi BinLadin Group.
Emaar TEC said it has achieved a number of other goals across the KAEC development. In the 62.5 square kilometre industrial zone, some 25 per cent of the $24 million of infrastructure works for the second phase of the project has been completed, with phase one completed in full and a number of factories already starting to operate.
A master plan for the second phase of the industrial zone, comprising around 18 million square metres, has also been created by architectural firm Skidmore Owings & Merrill, with Buro Happold providing engineering advice.