Logistics Egypt secures more than $1bn to build and develop its ports By Pramod Kumar March 17, 2023, 6:17 AM 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.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 1 hour ago
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 37 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 47 mins ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 2 hours ago
