Egypt Today: Hutchison Ports will invest $700 million in Sokhna and Alexandria ports, adding yet more details to the big picture of Egypt as a major logistics hub of two seas.
The total investment of Hutchison Ports in Egypt will then exceed $1.5 billion, according to a Thursday statement by the Global port operator.
In Sokhna Port on the Red Sea, the company will develop a new container terminal with a capacity of 1.7 million TEUs (twenty-foot equivalent units).
In the Port of Alexandria on the Mediterranean, Hutchison Ports will develop B100, a new container terminal that is planned to be a gateway to the Egyptian market.
“We are delighted to announce our investment in Sokhna and B100, which reflects our commitment to Egypt and the wider African market. These investments will enable us to provide high-quality services to our customers and contribute to the growth and development of the local economy,” said Eric Ip, Group Managing Director of Hutchison Ports.
Sokhna Port offers direct access to major shipping routes, providing significant boost to Egypt’s maritime trade, while the B100 container terminal will further strengthen one of the largest ports in the Mediterranean and a key hub for trade between Europe, Asia, and Africa, the statement said.