Dubai: Emaar Economic City has announced that shareholders of its Port Development Company subsidiary agreed to an increase in capital to 5.21bn riyals ($1.39bn) to help finance the expansion of the kingdom's first privately-owned port.
Emaar Economic City now has a 50% stake in the company with the remainder held by Huta Marine Company.
Work on the second phase of King Abdullah Economic City port is set to get underway soon which will see the port’s throughput capacity jump from 1.3m teu to 4m teu.
Emaar Economic City, a consortium headed by Dubai's Emaar Properties and Saudi investors, is focused on building the King Abdullah Economic City, a special economic zone up Saudi Arabia's Red Sea coast from Jeddah. [07/07/14]