Hong Kong-based Hutchison Ports has announced an investment of $700m in two Egyptian ports, Ain Sokhna and the Port of Alexandria. The investment will include the development of a new container terminal in Ain Sokhna Port with a capacity of 1.7 million twenty-foot equivalent units (TEU). Hutchison Ports will also invest in the development of B100, a new container terminal in the Port of Alexandria, which will serve as a gateway to the Egyptian market. The total investment in the two projects is approximately $700m, bringing Hutchison Ports’ total investment in Egypt to over $1.5bn.
“The new container terminal in Sokhna will provide a significant boost to Egypt’s maritime trade, as it is strategically located on the Red Sea and offers direct access to major shipping routes. The B100 container terminal, on the other hand, will provide a new gateway to the Port of Alexandria, which is one of the largest ports in the Mediterranean and a key hub for trade between Europe, Asia, and Africa,” said Hutchison Ports.
Why Hutchison Ports are investing in Egypt
Hutchison Ports has a strong track record of investing in emerging markets and is committed to working closely with local partners and stakeholders to drive sustainable growth and development. The new terminal facilities will further expand its network to 52 ports in 25 countries across Asia, the Middle East, Africa, Europe, the Americas, and Australasia.
The investment comes as Egypt identifies port development as a major area for foreign direct investment, with nationwide capacity expected to rise from just under 10 million TEU in 2022 to almost 19 million TEU in 2024. Hutchison Ports previously signed an agreement with the Egyptian Navy to develop a $730m, 2 million TEU container terminal at Abu Qir peninsula close to Alexandria in 2020.