Cosco Shipping Ports and Public Investment Fund completed the acquisition of a 40% stake in Red Sea Gateway Terminal for $280m.

Cosco Shipping Ports, a Hong Kong listed company and investor in ports, and Public Investment Fund, the sovereign wealth fund of Saudi Arabia, completed the acquisition of a 40% stake in Red Sea Gateway Terminal, a container terminal in Jeddah, Saudi Arabia, for $280m. "Adding PIF and CSPL as shareholders will accelerate RSGT’s domestic and international growth plans," Jens O. Floe, RSGT CEO.