CAIRO, Oct 28 (Reuters) - The Saudi Ports Authority,

Mawani, announced an agreement between the Red Sea Gateway

Terminal (RSGT) and France's CMA CGM to develop and operate a

container terminal at Jeddah Islamic Port, Saudi state news

agency SPA reported.

The investments for the project were estimated at 1.7

billion riyals ($453.28 million), SPA said.

($1 = 3.7504 riyals)

(Reporting by Menna Alaa El-Din and Muhammad Al Gebaly; Editing

by Emelia Sithole-Matarise)