Skip to content Skip to Search
Skip navigation

Egypt secures more than $1bn to build and develop its ports

Reuters/Tatiana Meel
Trade minister Mehmet Mus said the majority of the economic impact due to earthquakes was reflected in February and March

Egypt has secured investments of over $1 billion from two global port operators as the country aims to strengthen its logistics network.

Hutchison Ports will invest nearly $700 million in two major Egyptian ports, taking its total investment in the country to over $1.5 billion.

The investment includes the development of a new container terminal in Ain Sokhna Port with a capacity of 1.7 million TEUs (twenty-foot equivalent units). 

In addition, the company will invest in the development of B100, a new container terminal in Port of Alexandria, which will serve as a gateway to the Egyptian market.

Separately, China’s Cosco Shipping Ports Limited (CSPL) announced acquiring a 25 percent stake in the Sokhna new container terminal for nearly $375 million.

The new terminal will be constructed and operated by a terminal company formed by industry entities, including CSPL.

The operating period for the project is 30 years, and the throughput capacity after completion will reach 1.7 million TEUs.

Earlier this month Saudi shipping giant National Shipping Company (Bahri) signed a memorandum of understanding with Egypt’s Suez Canal Authority to set up a joint venture to transport general and bulk cargo, chemicals and oil.

Bahri and the authority, which manages and operates one of the world’s most heavily used shipping lanes, aim to establish an Egyptian joint-stock company which will own, lease, charter and operate vessels.

Latest articles

A tourist with an arabian foal at Alhazm stud, Khubash, Saudi Arabia. 106m tourists visited the kingdom last year

Saudi Arabia hits tourism target seven years early

More than 106 million tourists visited Saudi Arabia last year, surpassing the kingdom’s 2030 target and prompting it to set a new goal of welcoming 150 million annual visitors by the end of the decade, according to the Ministry of Tourism. Achieving the milestone target of the Vision 2030 economic roadmap seven years early cements […]

Asked about reports the IMF loan could rise to $12bn, managing director Kristalina Georgieva said: 'There is nothing wrong in thinking big'

IMF expects bigger loan deal for Egypt within weeks

The International Monetary Fund expects a financing package for Egypt to be finalised within weeks, its chief said on Tuesday – while also entertaining speculation that the loan could rise to $12 billion. Speaking on the sidelines of a G20 finance meeting in Brazil, IMF managing director Kristalina Georgieva told Reuters that issues delaying the […]

Ericcson and Turkcell signed the 6G agreement at Mobile World Congress in Barcelona

Ericsson and Turkcell to lead 6G research in Turkey

Swedish telecom company Ericsson and Turkish operator Turkcell will begin advancements on research and development of 6G in Turkey. The sixth-generation wireless network will use higher frequencies than its predecessor 5G and provide substantially higher capacity and much lower latency. The advent of 6G networks holds promise of faster connectivity in various sectors including wireless […]