Port contributes to Egypt’s economic growth with total investment of US$1.6bn
DP World Sokhna recently celebrated its 10th anniversary by announcing it is near completion of a major expansion project that will bring DP World’s total investment in Egypt to US$ 1.6bn.
Basin 2 will be operational by the second quarter of 2020 and nearly double capacity at the port to 1.75mn TEUs per year. The expansion cements DP World Sokhna’s position as a major gateway for Egypt’s trade, and the only port in the country capable of handling the largest container ships in the world.
Built at a cost of $520 million and complementing two operational basins, the expansion into Basin 2 includes a 1.3-kilometre-long quay with 400 meters in use in Phase 1, and a 350,000 square meter container yard. It is one of the largest direct investments into the Egyptian economy this year.
The expansion comes as the UAE and Egypt agreed to support a US$ 20bn joint strategic platform to invest in a range of vital sectors and assets, with ports and economic zones being an integral driver for global competitiveness and economic prosperity.
“DP World Sokhna is a testament to our market strength as a key trade and logistics hub in the south of the Suez Canal with access to the world’s busiest maritime trade routes,” affirmed Suhail Al Banna, CEO and Managing Director of DP World Middle East and Africa.
“We remain committed to sustaining this success through in-depth market knowledge, constant improvement and operational versatility,” remarked Ajay Singh, CEO, DP World Sokhna.
The commemorative celebrations were attended by Hisham Tawfik, Egyptian Minister of Public Enterprise Sector, and Engineer Yahya Zaki, Chairman, Suez Canal Economic Zone among other officials.
