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COSCO Ports takes stake in Saudi Arabian terminal January 29, 2021, by Naida Hakirevic China’s COSCO Shipping Ports (CSPL) has entered into an agreement with the founding shareholders of Saudi Arabia’s Red Sea Gateway Terminal Limited (RSGT) to acquire a 20 per cent stake in the terminal which is located at Jeddah Islamic Port. Sound Joyce Enterprises Limited, a subsidiary of CSPL, bought the stake for $140 million. The Jeddah Islamic Port is strategically located in the Red Sea region and is close to the major shipping routes. It has a wide coverage of container market in the Middle East and East Africa. The acquisition is in line with COSCO’s globalisation strategy, the company said.

Saudi arabiaRed seaDjibouti generalSaudi industrial services companyCorporation berhadXenel industriesPublic investment fundSaudi arabian ports authority mawaniCity island holdingJoyce enterprisesSaudi arabia red sea gateway terminal limitedRed sea gateway terminal limitedJeddah islamicJoyce enterprises limitedJeddah islamic portMiddle east