RSGT in talks to acquire port in Bangladesh, says deputy CEO

Logo of Red Sea Gateway Terminal

The Red Sea Gateway Terminal (RSGT) is in advanced talks to acquire stakes in a port in Bangladesh and another terminal, Hamdi Nadhrah, deputy chief executive officer (CEO), told Al-Arabiya TV.

The company is discussing projects inside the Kingdom and on the Red Sea Coast, as part of its plans to invest in new Saudi ports and another three in Africa and the Middle East over the next five years.

RSGT’s expansions will be financed by shareholders and bank facilities, backed by its solid financial position, Nadhrah said.

In the last three years, the terminal grew by 230% by doubling its throughout capacity from 1.3 million TEUs to 3 million TEUs. It aims to raise this capacity to 5.2 million TEUs in the near term, Nadhrah added.

RSGT, an affiliate of Saudi Industrial Services Co. (SISCO), is looking to invest in at least three ports in Africa and the Middle East over the next five years, following backing from the Public Investment Fund (PIF), Argaam reported.

Each investment will total as much as $500 million, according to CEO, Jens Floe.