Hutchison Ports to expand network with $700m investment in Egyptian projects
Hutchison Ports, a Hong Kong-based logistics company, will invest approximately $700 million in two new terminal facilities in Egypt.
The new investment takes the port operator’s total investment in Egypt to more than $1.5 billion.
With the new terminal facilities, Hutchison Ports will increase its network to 52 ports in 25 countries across the Americas, Europe, Asia, Australasia, Africa, and the Middle East.
Under the terms of the concessions agreement, Hutchison Ports will invest in a new container terminal development at Ain Sokhna Port to encourage Egypt’s maritime trade.
Hutchison Ports will also develop a new container terminal B100 in Port of Alexandria, which is an important centre for trade between Asia, Africa, and Europe.
Eric Ip — Hutchison Ports Group Managing Director said: “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.”
The new Sokhna container terminal, situated on the Red Sea, will have a capacity of 1.7 million twenty-foot equivalent units (TEUs) while the B100 container terminal will offer a new gateway to the Port of Alexandria.
Hutchison Ports, which is the ports and related services division of CK Hutchison Holdings, is said to have handled a combined throughput of 88 million TEU in 2021.