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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As at 12.51pm, units in Hutchison Port Holdings Trustare trading 0.1 US cent lower or 0.51% down at 19.6 US cents. Units in the groupare also trading flat at 26.5 cents on the Singapore Exchange (SGX).
