Dr Jabara bin Eid al Seraisry, Minister for Transport,
Mr Abdulaziz al Tuwaijry, Saudi Ports Authority President,
Mr Naim Bin Ibrahim Bin Ahmed Al Naim, Director-General of King Abdulaziz Port,
Distinguished Guests,
Ladies and Gentlemen,
Good afternoon. I am pleased to join you for the groundbreaking of the second container terminal of the King Abdul Aziz Port. This not only marks the beginning of another exciting phase for the Port, but it is also PSA International’s first port infrastructure project in the Arabian Gulf.
2 Singapore is pleased to have been chosen to participate in King Abdullah’s grand vision to develop the Kingdom of Saudi Arabia into an industrialised economy. Today, we are laying down another stone that will pave the way for the Kingdom to join the league of leading industrialised economies in the world. We believe that this second container terminal in the King Abdul Aziz Port in Dammam will contribute to the realisation of this grand vision.
3 As the largest economy in the Arab world, the Kingdom of Saudi Arabia is well poised to be the driver for further economic development in the region. The Kingdom has attracted a major portion of the foreign direct investment going into the Gulf Cooperation Council countries. Your rich access to natural resources and growing affluent market offer many opportunities for business development and investments.
4 Bilateral relations between the Kingdom of Saudi Arabia and Singapore are growing at many levels. At the political level, there have been several high-level exchanges between our countries, including the visit to Riyadh and Jeddah by our Emeritus Senior Minister, Mr Goh Chok Tong, in January this year. Economic cooperation is also expanding. Today, Saudi Arabia is Singapore’s largest trading partner in the Middle East. Bilateral trade increased by 42% from Saudi Riyal (SR) 49.5 billion in 2010 to SR69.9 billion in 2011. Our growing bilateral relationship has created opportunities for our companies to work even closer together. For example, Rotary Engineering provides construction services for Saudi Aramco Total Refining and Petrochemical Company (SATORP) in Jubail via their joint venture company, Petrol Steel Company Limited. We also have Changi Airport International providing operations management services at King Fahd International Airport in Dammam.
5 I am also pleased to note that there are a number of major companies from the Kingdom of Saudi Arabia with thriving business operations in Singapore. For instance, SABIC Innovative Plastics, SABIC Asia Pacific and Saudi ARAMCO have established a strong presence in Singapore and play key roles in advancing economic cooperation between our two countries.
6 Singapore values our economic cooperation with Saudi Arabia and we would like to take this to a higher plane. The partnership between PSA International and its local partner, the Public Investment Fund, and the Saudi Ports Authority to develop the second container terminal in the King Abdul Aziz Port, is one concrete manifestation of our desire for enhanced cooperation. The King Abdul Aziz Port is an important gateway for Saudi Arabia and serves major cities in the region. With a second container terminal, the Port will play an even more major role in serving the growing needs of its users, and contribute to the continued growth of Saudi Arabia and the rest of the region.
7 PSA has a strong track record and extensive experience in developing and managing port operations around the world. It currently runs 29 ports in 17 countries and handled 57.1 million TEU globally in 2011. It also operates the world’s largest container transhipment hub port in Singapore, which handled 29.4 million TEU in 2011. With its international expertise, I am confident that PSA International can bring its best-in-class services to the King Abdul Aziz Port, in collaboration with its distinguished partners.
8 On this note, let me wish PSA and the Public Investment Fund a fruitful partnership with the Saudi Port Authority and I look forward to the smooth completion and success of this project. I also hope that your partnership can spur further collaboration between Singapore and the Kingdom of Saudi Arabia.
9 Thank you.