Egypt’s Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with DP World and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport recently, with 60% of the venture’s capital belonging to Egypt and the remaining 40% to DP World, according to Egypt Independent.
Mohab Mamish, CEO of the SCA said the signing of the deal comes in line with directives by Egypt’s President Abdel Fattah al-Sisi.
The directives stated that Ain Sokhna seaport will be upgraded in line with the new Suez Canal, which was an US$8.5 billion project recently inaugurated in the presence of Francois Hollande, President of France.
Read a Technical Paper on DP World’s Container Terminal 4
It was previously reported by PTI that DP World intended to place a bid for developing the second berth at El Sokhna Port, while also planning to invest around US$200 in developing Sokhna’s third berth.
DP World has been keen to develop its global presence in recent months, after unveiling a new five-point plan to develop Africa’s infrastructure, which was detailed at the Africa Global Business Forum.
The points of the plan included public-private partnerships, monitoring the life cycle of infrastructure by maintaining and upgrading existing stock and enhanced trade integration.
This involved a report entitled ‘A Turning Point: The potential role of ICT innovations in ports and logistics’, which articulated five key ICT trends that are set to impact all aspects of trade, including robotics and autonomous vehicles.