Hutchison Ports invests $700 million in two Egyptian ports | Gulf newspaper

Hutchison Ports, the ports unit of CK Hutchison Holdings, announced Thursday that it will invest about $700 million in two major Egyptian ports, bringing its total investments in the country to more than $1.5 billion.
The company added that it will invest in developing a new container terminal in Ain Sukhna port on the Red Sea, and in Berth 100, a new container terminal in Alexandria on the Mediterranean.
On Wednesday, the Egyptian government signed two contracts worth $1.6 billion with two international consortia to establish, manage and maintain two container terminals at the ports of Ain Sukhna and Dekheila, according to a statement issued by the cabinet.
A consortium of shipping giants Hutchison Ports, COSCO and CMA contracted to establish a container terminal in Ain Sukhna port, while a consortium comprising Hutchison and MSC will build the Dekheila terminal. The companies will operate and maintain the stations for a period of 30 years.
The capacity of Ain Sukhna Container Terminal is 3.5 million TEUs annually, while the capacity of Dekheila Terminal is 1.5 million TEUs annually. The current capacity of Ain Sokhna port is estimated at about 1.75 million TEUs, while the capacity of Dekheila Port is about one million TEUs. The new stations will provide about 2,000 direct and indirect job opportunities. (agencies)