Source: http://www.gulftainer.com
Gulftainer, the port management and Logistics Company
headquartered in Sharjah, UAE, on June 23 announced that it has acquired a 51 %
stake in Saudi Arabia’s Gulf Stevedoring Contracting Company (GSCCO), allowing
it to assume the full management of three Saudi terminals, located in Jeddah
and Jubail.
According to a media statement, the acquisition makes
Gulftainer the largest port operator in the Middle East with regard to the
number of terminals operated in the region, with the company managing 40 % of
all the major container terminal facilities in the Middle East that have the
capacity to handle ships of 12,000 TEU or greater in size, and 45 % of all
major port capacity outside of the Strait of Hormuz.
At the Jeddah Islamic Port, Gulftainer will operate the
Northern Container Terminal (NCT) on the west coast of Saudi Arabia, Jubail
Commercial Port (JCP) and Jubail Industrial Port (JIP) on the east coast.
Both Jeddah and Jubail are key growth areas in the country
with strong, positive economic forecasts, following massive government
investments in infrastructure.
Jubail in particular is seen as critical to economic development
within the Kingdom, and the government has recently invested SAR 800 million
(USD 215 million) in its two facilities to increase its capacity and cope with
the growing flow of cargo. In recent years, the government has also confirmed
investments in excess of SAR480 billion (USD 129 billion) in energy and
infrastructure projects in the surrounding region, which in turn is expected to
spur massively increasing terminal activity.
Commenting on the development, Prince Abdulaziz Bin Ahmed
Bin Abdulaziz Al Saud, the Chairman of Gulf Stevedoring Company, said, “We are
delighted to be partnering with Gulftainer and look forward to continuing to
strengthen the relationship in the coming years. These three ports will be
expanding significantly and the expertise that Gulftainer brings with it to
Gulf Stevedoring and Contracting Company will be invaluable.”
Speaking on the acquisition, Badr Jafar, CEO of Crescent
Enterprises and Vice-Chairman of the Gulftainer Group, said, “Saudi Arabia’s
growth makes it an extremely fast-paced, exciting market and I am confident
that Gulftainer’s proven track record in this sector will further serve and
support the evolution and development of the port and logistics sector in the
Kingdom in the coming years. We are honoured to partner with Gulf Stevedoring,
and together we can offer a uniquely private-sector and genuinely objective
approach towards port management and logistics in the country.”
Mr Peter Richards, Group Managing Director, Gulftainer
said, “This is an exciting time for Gulftainer as we increase our footprint
across the Middle East. The industry here is growing at a rapid pace and with
this acquisition we have laid a strong foundation for the company’s future not
just regionally but on a global level.”
Gulftainer was established in Sharjah, UAE, in 1976, and
is a subsidiary of Crescent Enterprises which is a UAE-based conglomerate
operating globally across multiple sectors including Power and Engineering,
Aviation, Healthcare, and Private Equity.
Gulftainer launched the first dedicated container
terminal in the UAE’s Port Khaled in Sharjah. Gulftainer has grown
significantly, regionally and internationally, and now has established ports
and logistics operations across the UAE, Iraq, Russia, Lebanon and Brazil, as
well as joint ventures in Turkey and Pakistan, and also operates international
freight forwarding and project logistics.