Riyadh – Mubasher: Saudi Industrial Services Co. (SISCO) announced that its subsidiary the Red Sea Gateway Terminal Limited Company signed an Islamic financing agreement with Al Rajhi Bank and Banque Saudi Fransi.
The agreement worth SAR 260 million and will be valid for eight years, according to a bourse filing on Thursday.
The company stated that the deal aims to develop the expansion works of Red Sea Gateway in Jeddah Islamic Port. The expansion is expected to be completed by the fourth quarter of 2017.
“The project includes the extension and rehabilitation of the main berth and conversion of the feeder berth to a main one enabling berthing of three mega vessels simultaneously, with deepening of the approach channel and a larger turning basin to safely accommodate larger ships,” the statement said.
The plan also includes ordering of mega Quay Cranes, Yard Cranes in addition to terminal trucks in compliance with highest international standards.
In February, SISCO announced that Red Sea Company signed a SAR 249 million contract with Saudi Archirodon Ltd, for civil works for berth expansion of Red Sea Gateway in Jeddah Islamic Port.
