Global port operator Hutchison Ports has announced an investment of around $700m in two port projects in Egypt.
The projects will be located at the Ain Sokhna Port and the Port of Alexandria. With the latest concessions, the company’s total investment in the country will reach more than $1.5bn.
Hutchison Ports will use part of the investment to develop a new container terminal in Ain Sokhna Port.
With a capacity of 1.7 million twenty-foot equivalent units (TEUs), the new terminal will feature modern technology and equipment to deliver services to customers.
The terminal is expected to significantly improve maritime trade, as it is strategically situated on the Red Sea and provides direct access to major shipping routes.
The company will also use the funds for the development of a new container terminal, called B100, at the Port of Alexandria.
It will serve as a new gateway to this port, which is claimed to be one of the largest ports in the Mediterranean as well as a major hub for trade between Europe, Asia and Africa.
Hutchison Ports group managing director Eric Ip 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 terminal facilities will extend the company’s network to 52 ports in 25 countries across the Middle East, Asia, Africa, Europe, the Americas and Australasia.
Last September, Hutchison Ports and Terminal Investment Limited (TIL) unveiled plans to build a new container terminal in the Port of Rotterdam, the Netherlands.