Hutchison Ports has inked a long-term agreement with the Egyptian Navy to develop a $730 million container terminal at Abu Qir peninsula close to Alexandria.
The agreement was signed in an online ceremony jointly hosted by the Commander in Chief of Egyptian Navy, Vice Admiral Ahmed Khaled Saied, and Group Managing Director of Hutchison Ports, Eric Ip, together with the management team joining from Hong Kong and the United Kingdom.
The new $730 million greenfield terminal will be located inside Abu Qir Naval Base and is to be developed in two phases. It will have a total quay length of 1,200 m and a handling capacity of 2m teu. The concession is for a period of 38 years with the first phase expected to start operations in 2022.
“We are honoured with the trust from the Egyptian government and are excited with this project, which is designed to have a draft of 18 metres and capable of handling mega vessels.
“The pandemic has created many challenges globally, I strongly believe that as a company we are resilient, and I remain positive about the strength of a rebound in global demand,” Ip said.
The terminal will feature a 60-hectare yard, additional 100 hectares of land exclusively reserved for yard expansion.
Speaking at the ceremony, Ahmed Khaled Saied said, “We are seeing an increase in export cargoes, there is a need for a world-class container terminal to facilitate growing trade. This also echoes with the President EI Sisi Egypt Vision 2030 of regional leadership and sustainable development.”