By Sam Bridge
Dubai-based port operator says total investment in Egypt has reached $1.6bn
Dubai-based DP World said on Wednesday that its total investment in Egypt has reached $1.6 billion as its nears completion of a major expansion project in the country.
DP World Sokhna has celebrated its 10th anniversary by announcing Basin 2 will be operational by the second quarter of 2020 and nearly double capacity at the port to 1.75 million TEUs per year.
The expansion cements DP World Sokhna's position as a major gateway for Egypt's trade, and the only port in the country capable of handling the largest container ships in the world, a statement said.
Built at a cost of $520 million and complementing two operational basins, the expansion into Basin 2 includes a 1.3km long quay with 400 metres in use in phase 1, and a 350,000 square metre container yard. It is one of the largest direct investments into the Egyptian economy this year.
The expansion comes as the UAE and Egypt agreed to support a $20 billion joint strategic platform to invest in a range of vital sectors and assets, with ports and economic zones being an integral driver for global competitiveness and economic prosperity.
Basin 1 is already operational with a capacity of 945,000 TEUs. Basin 3 is a liquid bulk station spanning 400 square metres which is a major gateway for Egypt's energy imports.
Suhail Al Banna, CEO and managing director of DP World Middle East and Africa said: "Our success in enabling trade and stimulating commerce at DP World Sokhna over the last decade is a testament to our market strength as a key trade and logistics hub in the south of the Suez Canal with access to the world's busiest maritime trade routes.
"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."
Ajay Singh, CEO of DP World Sokhna added: "From the beginning, we set out to position DP World Sokhna as Egypt's leading port, and we remain committed to sustaining this success through in-depth market knowledge, constant improvement and operational versatility as we continue to mobilise our expertise and resources to develop infrastructure that caters to our customers' needs, from point of origin to consumption."For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.