Saudi Arabia’s Neom to expand port to rival region’s biggest
Published 25 Nov,2021 via Bloomberg Markets- Saudi Arabia’s high-tech “Neom” mega-project plans to expand a tiny local port into a trade and manufacturing hub near the Suez Canal that officials say will compete with the biggest facilities in the Middle East.
The proposal is the latest eye-catching announcement by Neom, with progress on the ground so far limited to earthworks. About 12% of global trade flows through the Suez Canal.
The port will anchor an industrial city that Neom announced last week called Oxagon, Vishal Wanchoo, Oxagon’s chief executive, said in an interview. An existing port near the Red Sea town of Dhiba will be transformed to handle a container capacity of 3.5 to 4 million ton equivalent units (TEUs) by 2030, he said.
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Vivian Nereim - Bloomberg