DP World, SCA Pact for Ain Sokhna Port Development
By Aiswarya Lakshmi
November 28, 2015
Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport, reports Egypt Independent.
The signing of the deal comes in line with directives by Egypt’s President Abdel Fattah al-Sisi to upgrade the sea port’s status as part of the broader scheme to develop the Suez Canal region, SCA chief Mohab Mamish said.
The joint venture will be responsible for installing a new harbor parallel to the current oil tanker harbor over a period of one year, Mamish said. He added that the undertaking would facilitate the exchange of petrochemical and gas products.
Sixty percent of the venture’s capital, the volume of which was not stated, will be Egyptian-owned, with the remaining 40 percent shared equally by DP World and Sonker.
Ain Sokhna's position just below the southern entrance to the Suez Canal, on the Red Sea, EGYPT, makes it strategically located to handle cargo transiting through one of the world's busiest commercial waterways. DP World Sokhna is located at the heart of the vitally important East-West trade route.
