RSGT: honoured

Red Sea Gateway Terminal (RSGT), a leading provider of integrated logistics solutions, has won the 2021 “Regional Deal of the Year” award at the annual Seatrade Maritime event in Dubai, for the Middle East, Indian Subcontinent & Africa region.

In July, RSGT had announced the formal approvals and completions of 20 per cent equity share sales to both  Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, and Hong Kong-based Cosco Shipping Ports Limited (CSPL).

With the deal’s successful conclusion, RSGT’s founding shareholders reduced their combined majority and controlling shareholding to 60 per cent. The deal implied an enterprise value of $880 million for RSGT.

A major player in the region which began operations in December 2009, RSGT currently handles approximately 3 million TEU annually. Annual container throughput capacity at RSGT will have grown to 5.2 million TEU by the end of 2023, with plans underway to expand to 9 million TEU by 2030.

The facility can currently accommodate next-generation container ships of up to 23,000+ TEU-class capacity, making it the only terminal at JIP designed for the next generation of Ultra-Large Container Ships.

On the award, CEO Jens Floe said: “This past year RSGT welcomed as new investors one of the world’s largest container shipping and terminal operating companies, as well as one of the world’s largest sovereign investment funds.”

“At the same time we were continuing our focus on operational excellence and geographic growth both in Saudi and internationally,” stated Floe.

“Our aim is to be an engine of growth for the economy by providing world-class integrated logistics solutions,” he said.

Located at Jeddah Islamic Port, RSGT is a world-class terminal spearheaded by the Saudi Industrial Services group Sisco, and is the first privately funded BOT (Build Operate and Transfer) development project in Saudi Arabia.

“We thank SeaTrade Maritime for this award and look forward to announcing new deals to be celebrated in the year ahead,” he added.