SERVICES

RSGT signs $70 million Islamic financial accord

Jeddah – Red Sea Gateway Terminal (RSGT),part of the Saudi Industrial Services group SISCO, has signed an Islamic financial agreement with Alrajhi Bank and Banque Saudi Fransi worth SR260 million (around $70 million) for eight years, to invest in developing the expansion berths of the newest flagship box terminal

Jeddah – Red Sea Gateway Terminal (RSGT), part of the Saudi Industrial Services group SISCO, has signed an Islamic financial agreement with Alrajhi Bank and Banque Saudi Fransi worth SR260 million (around $70 million) for eight years, to invest in developing the expansion berths of the newest flagship box terminal in Jeddah Islamic Port.

RSGT Managing Director Soren Hansen affirmed that the development was designed to ensure efficiency within whole supply chain, meeting the demands of modern day trade and allowing it to do more business better. He said “RSGT is investing in its infrastructure development i.e. berth extensions to increase the capacity from 1.6 to 2.3M TEU.” Meanwhile, Saudi Seaport Authority said in a statement that the terminal is investing for future port’s capability.

A world-class terminal spearheaded by the Saudi Industrial Services group SISCO, Red Sea Gateway is also the first privately funded Build Operate and Transfer (BOT) port development agreement in Saudi Arabia. The expansion project is the only container infrastructure development project in Jeddah Islamic Port ( JIP) which is expected to add 50% capacity. The terminal boasts a dedicated deep water navigation channel able to take vessels with a draft up to 17m, which can handle the next generation of 20k mega vessels.

RSGT is constructed as Saudi Arabia’s first BOT (Build, Operate and Transfer) agreement with the Sea Port Authority, and features state of the art facilities, latest terminal management technology, and skilled manpower. The facilities includes a 300m wide dedicated navigation channel, 16.5m deep water draught, 650m wide turning basin, 10 Super Post Panamax Quay cranes, and is serving and ready to serve the next generation of 19,000+TEU container ships. Since June 2011, RSGT has handled more than 400 mega vessel calls, with an average of 4 mega vessels calling regularly per week.

(Source: Saudi Gazette)

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