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Saudi Emaar to develop port with Binladin
- Saudi Arabia: Tuesday, September 08 - 2009 at 14:15
Saudi-based Emaar Economic City, which is leading the development of King Abdullah Economic City on the Saudi Red Sea coast, has signed a deal with Saudi Binladin Group to finance, develop and operate a major port on the Red Sea coast. The first phase of the port will cost SR4bn with operations expected to start in 2012 and have a capacity of 1.7 million containers, the company said. The company did not say if the agreement with SBG meant the cancellation of another initial agreement signed in April, 2008 by EEC with DP World for the same purpose, reported Reuters.
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StaffTuesday, September 08 - 2009 at 14:15 UAE local time (GMT+4)
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