The Kingdom of Jordan signed an settlement with APM Terminals on Wednesday to improve the container terminal at its port in Aqaba on the Pink Sea.
The Dutch firm will make investments $242m to extend the port’s capability to 1.7 million containers a 12 months, in contrast with 1.3 million at current.
In response to the Aqaba Improvement Company (ADC) the deal may even enhance the port’s environmental efficiency, largely by means of electrification, with the goal of attaining net-zero carbon emissions by 2040.
The settlement follows the announcement final week that the Jordanian authorities had accepted a 15-year extension of APM’s concession, to 2046. Keith Svendsen, the chief government of APM, mentioned this marked “the following step of our bold future plans to improve the terminal”.
Hussein Al-Safadi, the chief government of ADC, mentioned Aqaba had set the goal of changing into one of many main ports within the area and “among the many largest 40 ports on the planet”.
Work on the extension will start within the first quarter of subsequent 12 months and will likely be accomplished earlier than 2031.
The collaboration between ADC and APM dates again to 2006 and has led to the growth of the jetty from 500m to 1,000 m, and a rise in annual capability from 600,000 containers to 1.3 million.
Final 12 months, an operations command centre was opened, which gives the port’s customers with video feeds and a central location the place they’ll cope with operational issues regarding vessels, yards and gate.
There was additionally a laser-based “truck alignment system”, permitting drivers to place their lorries beneath cranes rapidly and precisely.
In 2023 Aqaba had a throughput of greater than 898,000 containers, a rise of 5.4% on the earlier 12 months. ADC is projected annual revenues of round $2.5bn from the port.
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