Egypt: DP World, GAFI push on with Sokhna port
DP World and Egypt's General Authority for Investment and Free Zones have discussed the next phase of development in Ain Sokhna
DP World and Egypt's General Authority for Investment and Free Zones have discussed the next phase of development in Ain Sokhna, according to WAM.
The development will increase the capacity of Sokhna port, which sits south of the Suez Canal on the Red Sea on a maritime trade route from Asia to the Middle East and beyond.
In a meeting with Mohamed Khodeir, chief executive officer of Egypt's General Authority for Investment (GAFI), Sultan bin Sulayem, chairman of DP World, cited Egypt's strategic location and other assets as drivers of investment and international trade in the coming period.
Khodeir noted that the Egyptian parliament would soon finalise amended legislation on investments as part of government efforts to attract more foreign direct investment (FDI) and to support new projects.
Part of the UAE-based terminal operator's portfolio of 77 operational marine and inland terminals, DP World Sokhna supported by more than 50 related businesses in 40 countries across six continents.
The majority of Egypt-bound cargo from the east is imported via Sokhna.
Sokhna is the closest port to the Egyptian capital, Cairo, which attracts vessels coming from Europe with cargo for Egypt.