US$520m Egypt expansion project
A port operator marking its 10th anniversary is getting closer to completing a US$520m expansion project in Egypt.
DP World Sokhna’s Basin 2 will be operational by the second quarter of 2020 and nearly double capacity at the port to 1.75m teus per year. The project will enable it to be the only port in Egypt capable of handling the largest container ships in the world.
Suhail Al Banna, CEO and managing director of DP World Middle East and Africa, said: "We are confident that our expansion into Basin 2 will significantly facilitate greater volume capacity at the port, which in turn, supports our commitment to bolstering Egypt's economic growth by attracting greater investment and strengthening the foundations for a lucrative trade eco-system."
Major direct investment
Built at a cost of US$520m and complementing two operational basins, the expansion into Basin 2 includes a 1.3km long quay with 400m in use in Phase 1, and a 350,000sqm container yard.
The project is one of the largest direct investments into the Egyptian economy this year and will bring DP World's total investment in Egypt to US$1.6bn.
Basin 1 is already operational with a capacity of 945,000 TEUs. Basin 3 is a liquid bulk station spanning 400 square meters which is a major gateway for Egypt's energy imports.
The expansion comes as the UAE and Egypt agreed to support a $20bn joint strategic platform to invest in a range of vital sectors and assets, set to benefit ports.
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