Could Egypt be in line for a slice of investments from a Saudi port operator? Red Sea Gateway Terminal (RSGT) — in which Saudi Arabia’s Public Investment Fund and Cosco Shipping Ports together hold a 40% stake — is planning to invest in three or more ports in Africa and the Middle East over the next five years, CEO Jens Floe tells Bloomberg. Each investment is expected to total up to USD 500 mn.

While Floe did not specify the countries RSGT is eyeing, he said that part of the port operator’s “strategy will be geared toward supporting the kingdom’s food security plan,” noting that many of Saudi’s policy strategies mesh well with the company’s own plans. “We have a focus on ports in Sudan and Egypt. They weren’t picked for that reason, but they happen to be significant countries for Saudi Arabia’s food security strategy,” he said.