$520m port expansion on track
01 December 2019
DP World Sokhna, the principle port for the Suez Canal Economic Zone, said that it is near completion of a major $520-million port expansion project that will bring DP World’s total investment in Egypt to $1.6 billion.
Basin 2 of the port will be operational by Q2 of 2020 and nearly double its capacity to 1.75 million TEUs per year. The expansion cements DP World Sokhna’s position as a major gateway for Egypt’s trade, and the only port in the country capable of handling the largest container ships in the world.
Complementing two operational basins – Basin 1 with a capacity of 945,000 TEUs and Basin 3, a 400-sq-m liquid bulk station which is a major gateway for Egypt’s energy imports – Basin 2 includes a 1.3-km-long quay with 400 m in use in Phase One, and a 350,000-sq-m container yard. It is one of the largest direct investments into the Egyptian economy this year.
The expansion comes as the UAE and Egypt agreed to support a $20-billion joint strategic platform to invest in a range of vital sectors and assets.
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