Gulftainer Co Limited Acquires 51% Stake In Saudi Gulf Stevedoring Contracting Company-Reuters

Reuters reported that Gulftainer Co Limited said it had acquired a 51% stake in Saudi Arabia’s Gulf Stevedoring Contracting Company. The acquisition allowed Gulftainer to assume full management of three Saudi terminals, located in Jeddah and Jubail, making it the largest port operator in the Middle East by number of terminals, it said in an e-mailed statement. At the Jeddah Islamic Port, Gulftainer will operate the Northern Container Terminal (NCT) on the west coast of Saudi Arabia, Jubail Commercial Port (JCP) and Jubail Industrial Port (JIP) on the east coast. The privately held firm did not provide financial details of the transaction. The group operates and manages ports and logistics businesses in several countries, including the UAE, Iraq, Pakistan, Russia, Brazil, Lebanon and Turkey.