Egypt’s Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport on Saturday.
SCA chief Mohab Mamish said the signing of the deal comes in line with directives by Egypt’s President Abdel Fattah al-Sisi to upgrade the sea port’s status as part of the broader scheme to develop the Suez Canal region, Egypt’s most-celebrated national undertaking since Sisi’s ascension to presidency in 2014.
Over a period of one year, the joint venture will be responsible for installing a new harbor parallel to the current oil tanker harbor, according to Mamish, who explained that the undertaking would facilitate the exchange of petrochemical and gas products.
Sixty percent of the venture’s capital, the volume of which was not stated, will be Egyptian-owned, with the remaining 40 percent shared equally by DP World and Sonker.
Edited translation from Al-Masry Al-Youm