Dubai : DP World said it has signed an agreement to double operations at Egypt's Sokhna Port within four years.
Egypt's Prime Minister Ahmad Nazif and DP World Chairman Sultan Ahmad Bin Sulayem officiated the signing ceremony yesterday of the agreement between DP World and the Red Sea Ports Authority, the company said in a statement.
The ceremony was also attended by UAE Ambassador to Egypt Mohammad Nakheera Al Daheri, Egypt's Transport Minister Ala'a Fahmy and other officials.
The new terminal at Sokhna Port, which is located at the southern end of the Suez Canal, will have a quay length of 1,300 metres and a capacity of 1.75 million twenty-foot equivalent container units (TEU), more than doubling DP World Sokhna's existing capacity to match the rapid increase in volumes at the port.
It is anticipated the new capacity will be available within four years, the company said. The new agreement replaces the original concession agreement awarded to DP World Sokhna and further extends the concession to 35 years after the construction of the new terminal.
"The new agreement is recognition of the contribution DP World Sokhna has made to the local economy and the successful role it has played in meeting the growing needs of our customers with quality services. We thank the Red Sea Ports Authority for the trust placed in us and look forward to a growing cooperation," Bin Sulayem said in the statement.
Captain Osama Al Sharif, Chairman of DP World Sokhna, said: "The DP World Sokhna Basin 1 terminal has been performing extremely well, working above capacity, thanks to the high level of cooperation we have received from our customers and the authorities. DP World Sokhna has already brought a new level of energy to economic activity in this part of Egypt with its state-of-the-art maritime facility. We hope to contribute even more to Egypt's growth under the new agreement."Sokhna Port is the closest container port to Cairo and one of Egypt's busiest. It is located within the 90 square kilometre North West Suez Economic Zone, the first of its kind in the country.
Portfolio
DP World is one of the largest marine terminal operators in the world, with 50 terminals and 11 new developments across 31 countries.In 2009, DP World handled more than 43.4 million TEU across its portfolio from the Americas to Asia.
With a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East, capacity is expected to rise to around 95 million TEU over the next 10 years, it said.