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.