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January 27, 2021
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- COSCO Shipping Ports to acquire 20% of Saudi Arabian
Red Sea Gateway Terminal
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- Saudi sovereign wealth fund GDP is also a new shareholder
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 Chinese terminal group COSCO Shipping Ports to become
shareholder in Red Sea Gateway Terminal (RSGT), the
which operates the container terminal of the same name in the Saudi port of
Jeddah which opened in 2012
(
of the 23rd
April 2012).-
- Currently the rsgt members are Saudi Red Sea Ports, the
Saudi SISCO, the City Island which is wholly controlled
mmc international holdings, saudi xenel and the
Tusdeerm, which is a 76:24 joint venture between SISCO and Xenel,
holding 60.0%, 21.2%, 8.0%, 6.8% and 4.0% respectively.
of RSGT's capital. In turn, Red Sea Ports is
owned by SISCO, City Island, Xenel, Xenel Maintenance and
Tusdeer holding 53%, 20%, 16%, 1% and 10% respectively
capital. These members have signed up with Public Investment
Fund (PIF), the sovereign wealth fund of Saudi Arabia, and with COSCO
Shipping Ports a deal to sell them 40% of the capital of the
RSGT for a total of 1.05 billion yal (280 million
dollars).
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- The agreement provides that each of the two new members, who
will hold 20% each of rsgt's capital, SISCO sells the
10.6% of the capital for $74.2 million, City Island dies
4.0% for 28 million, Xenel sells 3.4% of the capital for 23.8 million
and Tusdeer 2.0% for $14 million.
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