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Home Uncategorized EGYPTIAN PORTS DEAL FOR HUTCHISON PORTS

EGYPTIAN PORTS DEAL FOR HUTCHISON PORTS

Hong Kong-based Hutchison Ports is expanding its cooperation with the Egyptian Government through concession agreements for two new container terminals in Ain Sokhna Port and El Dekheila Port. Hutchison Ports will work with co-investors CMA CGM and Cosco Shipping Ports for the project in Sokhna and Terminal Investment Limited for the project in El Dekheila. Hutchison Ports says it is confident both projects will be a success.

The deal was initialled at a ceremony hosted by His Excellency Mostafa Madbouly, Prime Minister of Egypt and His Excellency Kamel Al-Wazir, Minister of Transport, Egypt. Also in attendance were representatives from CMA CGM, Cosco Shipping Ports and Terminal Investment Limited; and Clemence Cheng, Managing Director, Europe, Hutchison Ports.

Commenting on the investments, Eric Ip, Group Managing Director of Hutchison Ports said, “We have been operating in Egypt for almost 20 years, and it has always been an extremely important market to us, not only because it is located at the crossroads of one of the busiest east-west trade lanes but also the young and very energetic population of the country will result in increasing demand for international trade. We look forward to working closely with the Egyptian Government to develop these port projects to their full potential to provide first class service to all the stakeholders.”

Total investment for the initial operations of the two projects is approximately USD700 million, bringing Hutchison Ports’ total investment in Egypt to over US1.5 billion.