Riyadh – Sharikat Mubasher: The Saudi Ports Authority (Mawani) announced inking 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 worth around SAR1.6 billion.

As per Mawani’s press release, the agreement was signed during the Saudi-French Investment Roundtable Meeting in the presence of Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud and French President Emmanuel Macron.

The project will have an annual capacity of around 2.6 million twenty-foot equivalent units (TEUs) and will be developed under RSGT’s existing concession agreement.

The new terminal is expected to expand Jeddah Islamic Port’s capacity, attract additional global shipping lines and increase cargo flows between Saudi Arabia and international markets.

Located on the Red Sea along major maritime routes connecting Asia, Europe and Africa, the port is also expected to play a greater role in facilitating trade and strengthening the resilience and efficiency of regional and global supply chains.