Friday 21 June 2024

Hutchison announces $700m investment in Egyptian ports

CAIRO, March 16, 2023

Hutchison Ports, the global port operator, has announced a $700 million investment in two major Egyptian port  projects - Ain Sokhna, the country's top port, and B100, a new container terminal in Alexandria - thus bringing its total investment in the Arab nation to over $1.5 billion.
This paves a solid foundation for the company's strategy to expand its network and enhance its capabilities in emerging markets.
The significant investment includes the development of a new container terminal in Ain Sokhna Port with a capacity of 1.7 million TEUs (twenty-foot equivalent units), which will be equipped with state-of-the-art technology and equipment to provide efficient and reliable services to customers. 
The new container terminal in Sokhna will provide a significant boost to Egypt's maritime trade, as it is strategically located on the Red Sea and offers direct access to major shipping routes. 
In addition, Hutchison Ports will invest in the development of B100, a new container terminal in Port of Alexandria, which will serve as a gateway to the Egyptian market.
This terminal will provide a new gateway to the Port of Alexandria, which is one of the largest ports in the Mediterranean and a key hub for trade between Europe, Asia, and Africa.
Speaking at the concessions signing ceremony, Eric Ip, Group Managing Director of Hutchison Ports said: "We are delighted to announce our investment in Sokhna and B100, which reflects our commitment to Egypt and the wider African market. These investments will enable us to provide high-quality services to our customers and contribute to the growth and development of the local economy."
He was speaking at the event in the presence of Mostafa Madbouly, Prime Minster of Egypt and His Excellency Kamel Al Wazir, Minister of Transport, Egypt, and other senior officals. 
Hutchison Ports, he stated, has a strong track record of investing in emerging markets and is committed to working closely with local partners and stakeholders to drive sustainable growth and development. 
The new terminal facilities will further expand the network to 52 ports in 25 countries across Asia, the Middle East, Africa, Europe, the Americas and Australasia, he added.-TradeArabia News Service


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