Hutchison Ports Signs Deal to Manage Two Container Terminals in Egypt
Hutchison Ports, the world’s leading port investor has announced the expansion of its cooperation with the Egyptian Government through the initialing of concession agreements for two new concessions to operate world-class container terminals in Ain Sokhna Port and El Dekheila Port.
Marking the event, an initialing ceremony was hosted by His Excellency Mostafa Madbouly, Prime Minister of Egypt and His Excellency Kamel Al-Wazir, Minister of Transport, Egypt.
Other attendance included representatives from CMA CGM, COSCO SHIPPING Ports and Terminal Investment Limited; and Mr. Clemence Cheng, Managing Director, Europe of Hutchison Ports.
Commenting on the investments, Mr. 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 investments for the initial operations of the two projects is approximately $700 million, bringing Hutchison Ports’ total investment in Egypt to over $1.5 billion.
Together with the co-investors CMA CGM, COSCO SHIPPING Ports for the project in Sokhna and Terminal Investment Limited for the project in El Dekheila, Hutchison Ports is confident to bring these projects to a success.