​The first international forum for sea transport was held in Jeddah, Saudi Arabia, from March 23 till March 25, 2008. The North container terminal at Jeddah port was chosen as the board container terminal in the Arab ports for the year 2007. Kuwait and Gulf Link (KGL) owns a 20% share in the Gulf Shipping Contracting Co that runs the terminal. The Saudi Arabian Government has allowed the private sector to invest in developing the seaports at Saudi Arabia to achieve a quality shift in the level of equipment, production, and performance. Gulf Shipping Contracting Co also intends to increase the capacity of the port by investing $543 million Saudi Riyals ($144.8 million) to reach 2.5 million TEU by the end of 2009 instead of the current 1 million TEU (twenty foot containers units). It has been agreed between port authorities and Gulf Shipping and Contracting Co. that the northern container terminal will expand the terminal by adding three more berths as of May 2008.