Hong Kong-based port operator Hutchison Ports has decided to invest further in the Egyptian container industry signing two concession agreements with the Egyptian Government for the box terminals in Ain Sokhna Port and El Dekheila Port.
The total investment for the initial operations of the two projects is approximately US$700 million, bringing Hutchison Ports’ total investment in Egypt to over US$1.5 billion.
Hutchison Ports will cooperate with major container carriers for the completion of the two projects in Egypt. The co-investors for the project in Sokhna will be CMA CGM and COSCO SHIPPING Ports, while MSC's port operating company Terminal Investment Limited will participate in the El Dekheila Port project.
Commenting on the investments, Eric Ip, Hutchison Ports Group managing director said, “We have been operating in Egypt for almost 20 years, and it has always been an extremely important market to us, not only because it is located at the crossroads of one of the busiest east-west trade lanes but also the young and very energetic population of the country will result in increasing demand for international trade.”
Eric Ip added, “We look forward to working closely with the Egyptian Government to develop these port projects to their full potential to provide first class service to all the stakeholders.”