Skip to content Skip to Search
Skip navigation

Egypt gets $455m to build new container port

The proposed initiative for an industrial zone on the Mediterranean coast aims to position Egypt as a manufacturing and export hub for Chinese products Reuters/ Suez Canal Authority
The proposed initiative for an industrial zone on the Mediterranean coast aims to position Egypt as a manufacturing and export hub for Chinese products

A consortium of international institutions will provide $455 million in funding for a second container terminal in Damietta Port in Egypt, which will triple the port’s container capacity.  

The financing package will be provided to Damietta Alliance Container Terminal (DACT), a joint venture between German, Italian and Egyptian companies, European Bank for Reconstruction and Development (EBRD) said in a statement.

The funding includes $125 million from EBRD, $120 million from the International Finance Corporation, $100 million from the Asian Infrastructure Investment Bank, $60 million from the German development finance institution DEG and $50 million from Proparco. 

The Damietta Port is a shipping site in the Mediterranean close to the Suez Canal, with direct road connections to Cairo, Alexandria and the Nile Delta.  

The development of the terminal comes due to the growing demand for container traffic in Egyptian ports.

This expansion will position Damietta Port as a strategic hub in the East Mediterranean and provide the Egyptian market with more than 80,000 direct and indirect jobs by 2038. 

Since 2012, the EBRD has invested close to €11.2 billion in 170 projects in Egypt, with almost 80 percent in the private sector.

Latest articles

Nature, Outdoors, Sea

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]

The Holy Mosque in Medina, Saudi Arabia. Pilgrims flock to the city as part of Hajj

Tourism businesses on the up in Medina

The number of tourism businesses in Medina was 15 percent higher in the first quarter of 2024 than the same time last year, a boon for Saudi Arabia as it aims to increase the industry’s contribution to the national economy. Madinah Chamber did not supply a breakdown of the figures, but the state-owned Saudi Press […]

A stall holder in the Grand Bazaar in Istanbul. People in Istanbul faced rises in the cost of living this year, as soaring inflation impacted wages

Cairo and Istanbul feel biggest cost of living squeeze

Dubai has become the most expensive city in the Middle East for expatriate workers, while Cairo and Istanbul were among the cities that saw the biggest rise in the cost of living this year, as soaring inflation impacted wages. Dubai, the UAE’s largest city, saw rental prices rise by about a fifth in the last […]

More than 24 million people visited the World Expo event at Expo City Dubai between October 2021 and March 2022

Construction begins at Expo City Dubai site

Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […]