24 Hrs
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الاقتصادية
Saudi firm bids for Cape Town port contract
The Saudi Ports Operating Company, "Red Sea Gateway Terminal," is seeking to submit a 25-year concession proposal to operate and upgrade a terminal at the Port of Cape Town in South Africa. The goal is to increase cargo handling capacity, in line with efforts to reform and modernize the port, which is considered the worst performing globally according to the World Bank and S&P Global classifications. This move is part of Transnet's broader efforts to improve infrastructure, reduce weather-related disruptions, and address bottlenecks, all aimed at revitalizing the South African economy, which has experienced sluggish growth of less than 1% annually. It is worth noting that the bid submission deadline is November 20, and the Saudi company currently owns the largest container terminal in the Kingdom, with a stake held by the Public Investment Fund.
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