SISCO to pump SAR 6.6 bln in Jeddah port concession contract, says CEO

Red Sea Gateway Terminal Limited (RSGT), a 60.6%-owned subsidiary of Saudi Industrial Services Co. (SISCO), will inject SAR 6.6 billion worth of investments under the concession agreement for developing and operating Jeddah Islamic Port (JIP), SISCO CEO Mohammed Mudarres said on the sidelines of the signing ceremony of port’s concession contracts.

RSGT will upgrade the infrastructure and add new berths and equipment to enable JIP to become a pioneer in global container trade shipping between the East and West, in line with one of the main objectives of the Saudi Vision 2030 to make the Kingdom a global logistics hub.

Earlier this month, RSGT received the approval of the Supervisory Committee of Privatization in the transportation sector to sign an agreement for developing and operating JIP.

RSGT has already invested SAR 2.5 billion in the current concession since the container terminal project started in 2007.