DP World Sokhna recently celebrated its 10th anniversary by announcing it is near completion of a major expansion project that will bring DP World’s total investment in Egypt to $1.6 billion. Basin 2 will be operational by the second quarter of 2020 and nearly double capacity at the port 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.
Built at a cost of $520 million and complementing two operational basins, the expansion into Basin 2 includes a 1.3-kilometre-long quay with 400 meters in use in Phase 1, and a 350,000 square meter 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 $20bn joint strategic platform to invest in a range of vital sectors and assets, with ports and economic zones being an integral driver for global competitiveness and economic prosperity.
Basin 1 is already operational with a capacity of 945,000 TEUs. Basin 3 is a liquid bulk station spanning 400 square meters which is a major gateway for Egypt’s energy imports.
Suhail Al Banna, CEO and Managing Director of DP World Middle East and Africa said: “We are confident that our expansion into Basin 2 will significantly facilitate greater volume capacity at the port, which in turn, supports our commitment to bolstering Egypt’s economic growth by attracting greater investment and strengthening the foundations for a lucrative trade eco-system.”
(Pix Courtesy: Company’s website)