CK Hutchison Holdings Ltd’s port unit has announced it would invest about $700 million in two major Egyptian ports.
The move will bring its total investment in the country to more than $1.5 billion.
According to Reuters, Hutchison Ports will invest in the development of a new container terminal in the Red Sea port of Ain Sokhna, and in B100, a new container terminal in the Mediterranean Port of Alexandria.
In a separate statement, Cosco Shipping Ports Limited said it would invest 25 per cent in the Sokhna New Container Terminal – a new terminal built by the Egyptian government.
The operating period for the project is 30 years and the total investment is about $375 million, according to CK Hutchison Holdings.
The terminal’s throughput capacity after completion will reach 1.7 million TEU.
READ: Port of Stockholm and Hutchison agree to launch inland shipping network
This announcement comes the same week that Chinese state-owned conglomerates, China Merchants Group and China Cosco Shipping Corp., expressed interest in PSA International Pte’s minority stake in Hong Kong’s CK Hutchison Holdings Ltd.