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Wednesday, 18 January 2023

Tenth of Ramadan dry port tender pushed as bidders adapt to floating EGP

Tenth of Ramadan dry port tender bids pushed to April: Four consortium bidders for the Tenth of Ramadan dry port project will submit their financial and technical proposals on 30 April, Atter Hannoura, the director of the Finance Ministry's PPP unit, told us, confirming a report from Al Borsa.

Why the delay? We were previously expecting the project to be awarded in 1Q 2023 but the state wants to give bidders the chance to readjust their financial reports in response to ongoing fluctuations in the exchange rate, Hannoura told us.

The bidders include a consortium of Elsewedy Electric with French firms CEVA Logistics and CMA CGM; Orascom Construction and Abu Dhabi Ports Group; a French consortium including Bolloré Logistics and Meridiam; and a consortium led by MSC.

Costs to rise: The port’s construction was initially expected to cost some EGP 3.5 bn, Hannoura said, but that number is expected to increase because of the depreciation of the EGP against the greenback.

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