The Saudi Ports Authority (Mawani) announced the signing of an agreement between Red Sea Gateway Terminal (RSGT) and French shipping group CMA CGM to develop and operate the fourth container terminal at Jeddah Islamic Port, with an investment of US $426.5mn.
The agreement was signed on the sidelines of the Saudi-French Investment Roundtable Meeting in the presence of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and President of the French Republic Emmanuel Macron, reflecting the port’s strategic position and growing role in global trade, said a WAM news agency report.
The agreement builds on the strategic partnership between Mawani, RSGT, and CMA CGM, and reflects the growing partnerships with global companies to develop Saudi ports’ capabilities, support the growth of the maritime and logistics sector, and strengthen the Kingdom of Saudi Arabia’s connectivity to global trade networks.
The project aims to develop and operate the fourth container terminal with an annual capacity of 2.6m twenty-foot equivalent units (TEUs) under RSGT’s existing concession agreement, further enhancing Jeddah Islamic Port’s operational capacity to accommodate growth in trade volumes.
The project will also enhance Jeddah Islamic Port’s ability to attract global shipping lines and services, increase cargo flows, and expand its connectivity with international markets, leveraging its strategic location on the Red Sea and maritime trade routes linking Asia, Europe, and Africa. This will support the smooth flow of exports and imports and enhance the efficiency and resilience of supply chains.
