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HONG Kong's Hutchison Ports has expanded its cooperation with the Egyptian Government through the initialing two new concession agreements to operate container terminals in Ain Sokhna Port and El Dekheila Port, reports World Cargo News, Leatherhead, Surrey.
In August 2020 Hutchison Ports announced it was partnering with the Egyptian Navy to develop a new facility with an annual capacity of 2 million TEU at full build out at Abu Qir, inside the Abu Qir Naval Base. Abu Kir is on Egypt's Mediterranean Coast between Alexandria and Damietta.
The company is continuing to expand its presence in Egypt with these new agreements. Abu El Dekheila is west of Alexandria. Ain Sokhna Port is south of th existing Sokhna Port, where Abu Dhabi-headquartered AD Ports Group (ADPG) operates a multipurpose terminal, on the Red Sea coast.
Hutchsion said in a statement" "Total investment for the initial operations of the two projects is approximately US$700 million, bringing Hutchison Ports' total investment in Egypt to over $1.5 billion. Together with the co-investors CMA CGM, Cosco Shipping Ports for the project in Sokhna and Terminal Investment Limited for the project in El Dekheila, Hutchison Ports is confident to bring these projects to a success."
Commenting on the investments, Eric Ip, group managing director of Hutchison Ports said, "We have been operating in Egypt for almost 20 years, and it has always been an extremely important market to us, not only because it is located at the crossroads of one of the busiest east-west trade lanes but also the young and very energetic population of the country will result in increasing demand for international trade.
"We look forward to working closely with the Egyptian Government to develop these port projects to their full potential to provide first class service to all the stakeholders."
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