Back to the complete issue
Monday, 29 November 2021

DP World has another USD 25-35 mn lined up for Ain Sokhna port

Emirati port operator DP World will invest USD 25-35 mn in Ain Sokhna seaport over the next 2-3 years, DP World Sokhna CEO Gerard van den Heuvel tells Al Mal, less than a week after completing the multi-mn USD expansion of the Red Sea port. The next round of investment will be geared towards improving the logistics services at the port and increasing capacity at the newly-built second dock, the CEO said.

DP World completed its USD 520 mn expansion last week, which included building a second dock that will double the port’s capacity to 1.75 mn TEU and enabling it to handle the largest container ships in the world.

The company aims to be a commercial provider for trade in Egypt: It has established DP World Egypt for Logistics Services, which will provide additional warehousing and transport services inside and outside the ports.

Background: Dubai state-owned DP World has already invested USD 1.6 bn in Egypt, with more expected to roll in after the company set up a joint USD 1.7 bn African investment platform last month with CDC Group, the UK government’s development finance arm. The partnership plans to invest in ports and logistics infrastructure, like container depots and business parks, across Africa to increase trade.

OTHER INVESTMENT NEWS-

Tashawer Medical Consultants and real estate developer Owagik are in talks to build a EGP 4 bn, 400-bed hospital in the new administrative capital, Tashawer Chairman Khaled Samir tells Al Mal. The two companies are currently in talks with the New Administrative Capital Company for Urban Development for a land plot, which Samir expects to wrap before the end of the year with an eye to begin construction at the start of 2022.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.