The Saudi Industrial Services Company, Cisco, announced the signing of one of its subsidiaries, a financing agreement worth 1.544 billion riyals with the Saudi French Bank and Al-Rajhi Bank.

The company said in a statement to the Saudi market (Tadawul) that the agreement signed by the Red Sea Gate Station Company, a subsidiary of the group, with a percentage of 60.6%, included the extension of the current leasing facilities amounting to 794 million riyals to be payable over 10 years, and a new lease contract of 750 million riyals to be paid over 10 years with a grace period of 3 years from the date of signature.

Cisco indicated that the new lease contract will be used to finance the redevelopment, unification and modernization of the northern part of Jeddah Islamic Port with the current terminal, which is expected to be completed in March 2023.

The company signed last December with the General Authority for Ports a contract for a construction, operation and transportation system for a period of 30 years, starting in 2020, whereby the company improves and develops the northern part of the port Jeddah Islamic, in full, to become the new terminal the largest container terminal in Saudi Arabia, with investments amounting to 6.6 billion riyals.