Saudi Industrial Services Co.’s (SISCO) subsidiary Red Sea Gateway Terminal (RSGT) signed on Thursday an agreement to get an eight-year, Islamic loan worth SAR 260 million with Al Rajhi Bank and Saudi Fransi Banque.
The facility will be used for expanding RSGT’s terminals at Jeddah port, SISCO said in a statement to the Saudi bourse.
Project construction is expected to be complete by Q4-2017.
Expansions include rehabilitation works and increasing the terminal capacity to simultaneously accommodate three TEUs (twenty-foot equivalent units), the company added.
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