Saudi Jeddah Port Eyes Overseas Deals After Wealth Fund Backing
- Red Sea Gateway Terminal looking at African, Middle East ports
- Kingdom’s PIF bought stake in the company earlier this year
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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.
RSGT plans to invest in at least three international ports in the next five years, with each investment totaling as much as $500 million, Chief Executive Officer 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.