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Wednesday, 20 November 2019

Egypt’s USD 520 mn Ain Sokhna port expansion to be complete by 2Q2020

DP World’s USD 520 mn Ain Sokhna port expansion to be complete by 2Q2020: A USD 520 mn expansion of the Ain Sokhna seaport is due for completion by the second quarter of 2020, UAE-based DP World CEO and managing director for the Middle East and Africa, Suhail Al Banna said, according to Reuters’ Arabic Service. The project involves building a second dock that will double the port’s capacity to 1.75 mn TEU from a current 970k. Its completion will bring DP’s investments in Egypt to USD 1.6 bn. It will make the port the first in the country capable of handling “the largest container vessels in the world,” Al Banna said. DP World owns 49% of the JV executing the project. The rest is owned by the Suez Canal Economic Zone (SCZone).

DP plans new Mediterranean port…: The company is studying a second port that will be located somewhere along the Mediterranean, an anonymous company executive told the press.

…and Tenth of Ramadan logistics hub: DP is planning to set up a logistics zone in the Tenth of Ramadan and in other industrial areas, and is awaiting a Transport Ministry tender to proceed, Al Banna said. Other projects in the pipeline include inland ports to link Alexandria to cities along the Nile River. The company was recently allocated a land plot in the SCZone for another, unspecified project.

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