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Thursday, 22 March 2018

Alex Port-led consortium to build USD 450-500 mn multipurpose platform

Alex Port-led consortium to build USD 450-500 mn multipurpose station: The Alexandria Port Authority (APA) is forming a JV with the Suez Canal Economic Zone (SCZone) and the Land Maritime Transport Holding Company to build a USD 450-500 mn multipurpose facility at the Alex Port, a zombie project from the 2015 Egypt Economic Development Conference that has been killed and resurrected more times than we can count. The project will be partially financed by bank loans, Land Maritime Transport Holding Company Chairman Mohamed Youssef, tells Al Mal. Negotiations with China Harbour have no officially reached a dead end after it refused to cut the project’s price tag.

In related news, Youssef said his company had received five offers to expand the Alex Container and Cargo Handling company’s platforms at the Alex Port for USD 35 mn, a project that should take 18 months to complete. A similar development project is also set to take place at the Damietta Port.

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