Expansion boost for Ras al-Khaimah port

KGL Ports International is to expand capacity at its Mina Saqr port in Ras al-Khaimah at a cost of $250m.

The Kuwait-based ports operator will boost capacity to 1.7 million twenty-foot equivalent units (TEUs) from 350,000, with the project scheduled for completion by 2011.

KGL chairman and chief executive Mohammed al-Mazeedi, says the group is finalising approval from the Ras al-Khaimah authorities, and hopes to begin construction in six months.

Up to $90m of the cost of the project will be financed through company equity, with the remainder provided by banks.

Al-Mazeedi says KGL is currently speaking to local financial institutions and assessing offers of funding.