Thank you to Lyric1 for finding me the info for this skin.
While the Royal Scots Greys regiment got its name from the light grey horses it used to use by 1943 they were fighting up the west coast of Italy in Sherman tanks. This RSG tank was named "Sheik" after a Royal Navy warship, like all the regiment's tanks. The red and white bars were standard British Army Med theater ground ID markings while the RAF-style roundel was an ID marking for aircraft.
From the Tunisia campaign until late 1944 British tanks in the Med were usually painted in a colour called "Light Mud", with a disruptive scheme of black paint applied to break up the silhouette. But as the Italian campaign moved north the scheme became increasingly less suitable for the terrain, so some units began modifying it. In the case of the Royal Scots Greys, while fighting near Naples some of their tanks had the black overpainted with green and had lots of small black dots painted over the Light Mud colour.