RSGT in 20-year deals to develop four major terminals on Red Sea
Under the terms of the concessions, RSGT will take over the existing facilities at King Fahd Industrial Port Yanbu, Yanbu Commercial Port, the Port of Jazan, and Jeddah Islamic Port muli-purpose and ro-ro terminal, said Sisco in its filing to Saudi bourse Tadawul.
Over the full 20-year term of the concession, RSGT will invest a total of SAR1.569 billion ($418 million) in upgrading the four facilities, it stated.
During the first five years of the concessions, RSGT will invest SAR672 million in infrastructure, equipment and technology to bring the four facilities to world-class operational standards.
As part of the project, the newly acquired general cargo, dry and liquid bulk, Ro/Ro and livestock terminals will be run by RSGT's 100% owned recently established Multi-purpose Terminals (MPT) entity, which will manage all non-containerised port facilities within the expanding RSGT portfolio.
The concessions will be effective from July 1 and as such the financial impact will be reflected in SISCO Holding and RSGT's financial statements from Q3 2025.-TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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