Dubai's state-owned port operator DP World said that its port in Egypt, DP World Sokhna marked its 10th anniversary by revealing that its $520m (AED1.9bn) port expansion project is close to completion.
The port expansion complements two operational basins, with the expansion into Basin 2 comprising a 1.3km-long quay – with 400m is use in Phase 1 – as well as a 350,000m2 container yard.
The expansion comes as the UAE and Egypt agreed to support a $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.
Basin 1 is already operational with a capacity of 945,000 TEUs. Basin 3 is a liquid bulk station spanning 400 square meters which is a major gateway for Egypt’s energy imports.
The world-class facilities of the port have played a significant role in adding value to its customers’ operations by enhancing productivity, speed and cargo cost reduction while attracting leading global shipping lines and beneficial cargo owners.
Suhail Al Banna, CEO and Managing Director of DP World Middle East and Africa said: “Our success in enabling trade and stimulating commerce at DP World Sokhna over the last decade 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. We are confident that our expansion into Basin 2 will significantly facilitate greater volume capacity at the port, which in turn, supports our commitment to bolstering Egypt’s economic growth by attracting greater investment and strengthening the foundations for a lucrative trade eco-system.”
Ajay Singh, CEO of DP World Sokhna said: “From the beginning, we set out to position DP World Sokhna as Egypt’s leading port, and we remain committed to sustaining this success through in-depth market knowledge, constant improvement and operational versatility as we continue to mobilize our expertise and resources to develop infrastructure that caters to our customers’ needs, from point of origin to consumption.”