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Wednesday, 20 December 2017

Transport Ministry signs MoUs with CRBC for three projects at Red Sea ports worth USD 1.35 bn

China lands port projects worth c. USD 1.4 bn: The Transport Ministry signed yesterday MoUs with the China Road and Bridge Corporation (CRBC) for three port projects at a combined cost of USD 1.35 bn, Minister Hisham Arafat said, Al Borsa reports. The agreement will see CRBC conduct studies and designs to develop the Safaga, Nuweiba, and Sharm El Sheikh ports, in addition to constructing and operating new multipurpose terminals at the ports. CRBC will also be responsible for supplying the equipment for the projects, which will be carried out under a build-operate-transfer framework. The Safaga Port project will cost USD 400 mn, while the developments at the Nuweiba and Sharm El Sheikh ports are expected to cost USD 350 mn and USD 600 mn, respectively.

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