RIYADH: The operator of Saudi Arabia’s Red Sea Gateway Terminal is looking to invest in ports in Africa and the Middle East, following backing from the Kingdom’s sovereign wealth fund (PIF), Bloomberg reported.
“The RSGT plans to invest in at least three international ports in the next five years,” port chief Jens Floe said. Each investment is worth $500 million, he said.
It is also aiming to spend up to $1.7 billion developing its main port in Jeddah on the Red Sea, as well as potentially investing in other Saudi ports, Bloomberg said.
Saudi Public Investment Fund (PIF) and Cosco Shipping Ports bought a stake in RSGT in January, valuing the port operator at about $880 million.
The PIF is leading a strategy to turn the Kingdom into a transport and logistics hub and support local companies looking to export products. The pandemic has also led to a renewed focus on food security in the region, where the desert environment means many countries rely on agricultural imports.
“Adding Cosco and PIF as shareholders will really accelerate our domestic and our international growth plans,” Floe said in an interview with Bloomberg.
He added that investments may come in rail and dry ports, and emerging market terminals in “less mature and less organized ports.”
Saudi Jeddah Port eyes three overseas deals worth $500m each
https://arab.news/n67j7
Saudi Jeddah Port eyes three overseas deals worth $500m each
- It is also aiming to spend up to $1.7 billion developing its main port in Jeddah on the Red Sea
Stc partners with Qiddiya as Six Flags official connectivity provider
RIYADH: Saudi stc Group has announced its partnership with Qiddiya as the official connectivity partner for the Six Flags theme park, providing telecom services, smart city solutions, and an integrated digital infrastructure in line with global standards, coinciding with the park’s official opening.
Under the partnership, stc will deliver an advanced digital ecosystem to enhance visitors’ experiences at Qiddiya, offering high-performance connectivity and smart technologies to facilitate entry and manage visitor flow within the park, ensuring a seamless and safe experience.
The collaboration reflects stc’s commitment to providing advanced digital infrastructure that supports Qiddiya’s ambitions and elevates the visitor experience.
By leveraging smart connectivity, smart city technologies, and innovative payment solutions, stc aims to deliver an integrated and streamlined experience across the destination.
The initiative also highlights stc’s role in supporting the tourism and entertainment sectors with world-class digital infrastructure that aligns with Saudi Arabia’s vision and future goals.
