Xenel Signs Contract to Build Container Terminal at Jeddah Port

November 6, 2007 – Xenel Industries Ltd., in collaboration with Saudi Industrial Services Company and Malaysian MMC Corporation, has signed a deal to partake in a joint venture project to construct a container terminal at the Jeddah port, at an approximate cost of $447 million.

Xenel and its partners will develop and operate the port’s container terminal under a 30-year concession agreement which will expire in February 2039. In recent years, the Jeddah port has become a major trading hub for the Gulf region. In fact, an estimated 76 percent of containers traveling into Saudi Arabia pass through Jeddah.

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