Dubai Ports World today signed an agreement with Egypt's Red Sea Ports Authority to double container operations at the Sokhna Port by setting up a new terminal there.
The new terminal will have a quay length of 1,300 metres and a capacity to handle 1.75 million TEU, which will more than double DP World Sokhna's existing capacity, DP World said in a release.
Sokhna Port, located at the southern end of the Suez Canal, is witnessing rapid increase in volumes. It is anticipated the new capacity will be available within four years.
The new concession agreement will replace the original concession agreement signed by DP World in 2007 and extend the concession to 35 years after the construction of the new terminal.
"We are very pleased to have the opportunity to further develop Sokhna Port. 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," DP World chairman Sultan Ahmed Bin Sulayem 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," Captain Osama Al Sharif, chairman, DP World Sokhna, said.
Egypt's prime minister Ahmed Nasif and DP World chairman Sultan Ahmed Bin Sulayem officiated at a signing ceremony, which was also attended by Egypt's transport minister Alaa Fahmy and senior government officials of both Egypt and the UAE.