Citrus exports in focus as Saudi operator eyes Durban port
With Transnet flailing, the Saudi move could bring much-needed investment into the country's struggling logistics system.
According to Bloomberg , Red Sea Gateway Terminal International (RSGTI) is considering a 25-year concession to build and manage the terminal at Durban's Maydon Wharf.
RSGTI is backed by Saudi Arabia's $925 billion sovereign wealth fund.
This potential bid comes after Transnet, South Africa's state-owned port operator, invited companies to submit proposals for the project.
The development would cover 145 hectares, include 15 berths, and handle over 7 million tons of cargo each year.
RSGTI's director of global investments, Gagan Seksaria, said the company is interested in South African ports and may join the bidding process with local partners.
Port and rail inefficiencies in South Africa, along with corruption and equipment problems at Transnet, have dragged down overall export performance.
Bulk commodities like coal and iron ore have been hit hardest, falling to their lowest levels in decades.
Agriculture on the other hand remains one of the few growing parts of the economy, with exports hitting a record $13.2 billion in 2023.
South Africa is the world's second-largest citrus exporter after Spain.
Grapefruits, lemons and oranges are shipped to countries like South Korea, as well as nations in the Middle East.
The government is thus trying to bring in private investment to help fix the ports—that currently rank among the least efficient globally.
A recent plan to bring in foreign investment fell through when a court blocked a deal with Filipino billionaire Enrique Razon's company, ICTSI, to run Durban's main container terminal.
The deal was challenged by shipping giant Maersk, highlighting the need for more open and competitive processes to fix South Africa's ports.
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