Hutchison Ports announces US$700m investment in Egyptian port projects

Group photo of Sokhna Concession Agreement Signing Ceremony (From left to right) Laurent Martens, Vice President of CMA Terminals; Clemence Cheng, Managing Director, Europe of Hutchison Ports; Eric Ip, Group Managing Director of Hutchison Ports; Dr. Mostafa Madbouly, Prime Minster of Egypt; Lt. General Kamel El Wazir, Minister of Transport, Egypt; Waleid Gamaleldien, Chairman of the Suez Canal Economic Zone; Fengnian Zhao, Chief Account of COSCO SHIPPING Ports

Hong Kong’s Hutchison Ports, the global port operator, has unveiled a significant investment in Ain Sokhna Port, Egypt’s major port, and B100, a new container terminal in the Port of Alexandria. The total investment of the two projects is approximately US$700m, bringing Hutchison Ports’ total investment in Egypt to over US$1.5bn and paving a solid foundation for the company’s strategy to expand its network and enhance its capabilities in emerging markets.
 
The investment includes the development of a new container terminal in Ain Sokhna Port with a capacity of 1.7m teu, which will be equipped with state-of-the-art technology and equipment to provide efficient and reliable services to customers. 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.
 
Speaking at the concessions signing ceremony in the honourable presence of His Excellency Mostafa Madbouly, prime minster of Egypt and His Excellency Kamel Al Wazir, minister of transport, Egypt, Mr. 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.”
 
The new container terminal in Sokhna will provide a boost to Egypt’s maritime trade, as it is strategically located on the Red Sea and offers direct access to major shipping routes. The B100 container terminal, on the other hand, 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.
 
The new terminal facilities will further expand Hutchison Ports’ network to 52 ports in 25 countries across Asia, the Middle East, Africa, Europe, the Americas and Australasia.
 
Earlier this week the Port of Singapore Authority has been rumoured to be in the throes of disinvesting its 20% stake in Hutchison Ports. Leading Chinese port and liner operators and indeed Hutchison Ports have been suggested by observers as possible buyers of the stake possibly priced at US$4bn.
 
Source: The Hong Kong Maritime Hub

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