RIYADH: The operator of Saudi Arabia’s Red Sea Gateway Terminal is looking to invest in ports in Africa and the Middle East, following backing from the Kingdom’s sovereign wealth fund (PIF), Bloomberg reported.
“The RSGT plans to invest in at least three international ports in the next five years,” port chief Jens Floe said. Each investment is worth $500 million, he said.
It is also aiming to spend up to $1.7 billion developing its main port in Jeddah on the Red Sea, as well as potentially investing in other Saudi ports, Bloomberg said.
Saudi Public Investment Fund (PIF) and Cosco Shipping Ports bought a stake in RSGT in January, valuing the port operator at about $880 million.
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(Bloomberg) The operator of Saudi Arabia’s Red Sea Gateway Terminal is looking to invest in ports in Africa and the Middle East, following backing from the kingdom’s sovereign wealth fund.
The RSGT plans to invest in at least three international ports in the next five years, with each investment totaling as much as $500 million, port chief Jens Floe said. It’s also aiming to spend up to $1.7 billion developing its main port in Jeddah on the Red Sea, as well as potentially investing in other Saudi ports.
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Switzerland’s ABB Marine and Ports is setting up a local division in Saudi Arabia in a bid to expand its client base across the Kingdom’s shipping, ports and offshore sectors. The company also aims to help develop the local shipbuilding industry, part of the Kingdom’s ambitions to diversify its economy away from a focus on .
RIYADH: Switzerland’s ABB Marine and Ports is setting up a local division in Saudi Arabia in a bid to expand its client base across the Kingdom’s shipping, ports and offshore sectors.
The company also aims to help develop the local shipbuilding industry, part of the Kingdom’s ambitions to diversify its economy away from a focus on the hydrocarbons sector under Saudi Vision 2030 and the In-Kingdom Total Value Add (IKTVA) program.
“Through the IKTVA program and Saudi Vision 2030, the country seeks new opportunities and one of the areas for focus is shipbuilding,” Justin John, ad interim local division manager for Saudi Arabia, said in a statement. “We are delighted to accompany Saudi Arabia on its journey toward a more diverse and environmentally conscious marine sector.”