Saudi sovereign wealth fund and COSCO buy stakes in RSGT
Saudi Arabia’s Public Investment Fund (PIF) and COSCO Shipping Ports Ltd (CSPL) have each agreed to purchase 20% stakes in Red Sea Gateway Terminal (RSGT), the largest operator at the Port of Jeddah on the Red Sea.
The sale of 40% equity interest in the privately-owned company is for a total consideration of SAR1.05bn (US$280m).
RSGT will remain an independent operator, focused on servicing its existing and future customers in the global logistics chain, typically catering to transhipment cargo due to its Red Sea location and gateway cargo for nearby Mecca.
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