A new era of operation has begun at a port in Saudi Arabia with massive investment potential.
Red Sea Gateway Terminal (RSGT) has officially take over operations in the northern section of Jeddah Islamic Port, previously known as North Container Terminal, or NCT.
A new 30-year concession agreement for the existing north port facility established at the end of last year between RSGT and the Saudi Arabian Ports Authority, (Mawani), calls for US$1.7bn of investment in infrastructure, equipment and technology by 2050, with annual container throughput capacity growing to 8m TEUs.
“As we begin operations at the northern part of Jeddah Islamic Port today, we are very proud to commemorate this tremendous milestone of the RSGT growth strategy, demonstrating our ongoing and long-standing commitment to expansion, modernization, and world-class terminal services,” stated RSGT CEO, Jens O. Floe.
By 2023, the expanded RSGT, covering an area of 1.5m square meters, is anticipated to have increased annual container throughput capacity to 5.2m TEUs. Already able to accommodate Ultra-Large Container Ships (ULCS) of 20,000 TEU class and above, at the end of the first three-year phase of investment, RSGT will be equipped with 24 Super Post-Panamax quay cranes, 67 Rubber-Tyred Gantry Cranes (RTGs), and will offer 4,900 Reefer plugs.
“This carefully planned program of growth and investment will firmly establish RSGT as the largest logistics gateway, and the busiest container terminal, in Saudi Arabia, and on the Red Sea,” said Mr Floe.
RSGT has already signed an Islamic financing agreement with Banque Saudi Fransi and Al Rajhi Bank for the project.
