Hutchison Ports, a subsidiary of Hong Kong-listed CK Hutchison Holdings and an affiliate of Mainboard-listed Hutchison Port Holdings Trust, has invested US$700 million ($945.5 million) into two port projects in Egypt. This brings the global port operator’s total investment in Egypt to over US$1.5 billion.
The move will help pave a solid foundation for the company to expand its network and boost its capabilities in emerging markets, says the company.
The investment includes the development of a new container terminal in Egypt’s Ain Sokhna Port with a capacity of 1.7 million twenty-foot equivalent units (TEUs). It also includes the development of B100, a new container terminal in the Port of Alexandria.
According to Hutchison Ports, the new container terminal in Ain Sokhna Port will provide a significant boost to Egypt’s maritime trade thanks to its strategic location on the Red Sea. Its location also offers direct access to major shipping routes. The B100 container 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.
The agreements were signed in the presence of Egypt’s prime minister, Mostafa Madbouly, and the country’s minister of transport, Kamel Al Wazir.
“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,” says Eric Ip, group managing director of Hutchison Ports.
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