RSGT signs SR260m financial agreement

The container infrastructure development project at Jeddah Islamic Port is expected to add 50 percent capacity.
Red Sea Gateway Terminal (RSGT), part of the Saudi Industrial Services Group (SISCO), has signed an Islamic financial agreement with Al-Rajhi Bank and Banque Saudi Fransi (BSF) worth SR260 million for eight years, to invest in developing the expansion berths of the newest flagship box terminal at Jeddah Islamic Port (JIP).
Commenting on the agreement, RSGT MD 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; that is, berth extensions to increase the capacity from 1.6m 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.
This expansion plan is the only container infrastructure development project at JIP, which is expected to add 50 percent capacity. The terminal boasts a dedicated deep water navigation channel able to take vessels with a draft up to 17 m, which can handle the next generation of 20 k mega vessels. 
RSGT is constructed as the Kingdom’s first BOT agreement with the Sea Port Authority, and features state-of-the-art facilities, latest terminal management technology, and skilled manpower.
The facilities includes a 300 m wide dedicated navigation channel, 16.5 m deep water draught, 650 m 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 every week.

Source: Arab News