The first phase of $250 million Saqr port expansion opened by KGL

Ras Al Khaimah 19th January, 2007: A container terminal at Ras Al Khaimah’s Saqr Port was opened yesterday by the Kuwait-based KGL ports international. Secured on Build, own and operate principal by KGL ports international, this port was given a soft opening before its official inauguration in March. The first phase has covered $70 million from the total investment worth of $250 million. The capacity of this port would be increased to three million twenty foot equivalent units (TEU) within five years from 350,000.
The chairman and CEO of KGL international ports Mohammed Al Mazeedi considered it to be a milestone for the company reflecting its growing role in ports management. He also said that the company has proved its capability to accomplish business objectives in accordance with its long term objectives.
Al Mazeedi was keen to notify that his company’s technical advisors were finalizing a report for the port’s expansion, which would be offered for final approval to the Crown prince and deputy ruler Shaikh Saud Bin Saqr Al Qasimi. For import and export operations, the company as already finalized local shipping agents to use facilities at Saqr port. Mazeedi also added that for official inauguration, local companies are expected to ship around 150,000 containers at the Saqr port. The company is also negotiating with major cargo companies around the world which expressed their willingness to make use of services here. However, they wanted to monitor the services of this port for a test round.
According to information, a basin and four platforms of the port have been scooped to depths of 12 meters, increasing its capacity to handle 350,000 containers currently. Mazeedi explained that in the next few months a 16 meter draft would be required for the new basin.
A 21 year concession agreement was signed between KGL ports international and Ras Al Khaimah government allowing KGL to design, build, equip and operate this port.