Chinese gaint Cosco has taken a 20% stake in a privately-owned container terminal in the Saudi Arabian port of Jeddah.

Hong Kong-listed Cosco Shipping Ports Ltd (CSPL) is paying $140m for the stake in Red Sea Gateway Terminal Limited (RSGT), the terminal operator said.

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Saudi sovereign wealth fund Public Investment Fund (PIF) has also agreed to take a 20% stake in RSGT alongside the Cosco investment.