CK Hutchison to Invest $700M in Two Major Egyptian Ports
Sunset at Ain Sokhna Port at Suez Gulf in Egypt – ©bleung/AdobeStock
CK Hutchison Holdings port unit said on Thursday it would invest about $700 million in two major Egyptian ports, bringing its total investment in the country to more than $1.5 billion.
Hutchison Ports said it would invest in the development of a new container terminal in the Red Sea port of Ain Sokhna, and in B100, a new container terminal in the Mediterranean port of Alexandria.
In a separate statement, Cosco Shipping Ports Limited said it would invest 25% in the Sokhna New Container Terminal – a new terminal built by the Egyptian government.
The operating period for the project is 30 years, and the total investment is about $375 million, the company said. The throughput capacity after completion will reach 1.7 million TEUs.
(Reuters – Reporting by Nilutpal Timsina and Bernard Orr; Editing by Subhranshu Sahu and Muralikumar Anantharaman)