DP World Sokhna nears completion of $520m port expansion in Egypt
DP World marks a decade of partnership, contributing $1.6bn (AED5.87bn) to Egypt’s economic growth
DP World Sokhna, which is part of Dubai's state-owned port operator DP World’s international network, marked its 10th anniversary by revealing that its $520m (AED1.9bn) port expansion project is close to completion.
According to the Dubai Media Office, the port expansion complements two operational basins, with the expansion into Basin 2 comprising a 1.3km-long quay – with 400m in use in Phase 1 – as well as a 350,000m2 container yard.
The project is one of the largest direct investments into Egypt’s economy in 2019, and will bring DP World’s total investment in Egypt to $1.6bn (AED5.87bn).
Basin 2 will be operational by Q2 2020 and will nearly double capacity at the port to 1.75m TEUs per year.
The expansion cements DP World Sokhna’s position as a gateway for Egypt’s trade, and makes it the only port in the country capable of handling the largest container ships in the world.
Basin 1 is already operational with a capacity of 945,000 TEUs. Basin 3 is a liquid bulk station spanning 400m2 and is a gateway for Egypt’s energy imports.
The port’s facilities will enhance productivity, speed, and cargo cost reduction while attracting leading global shipping lines and beneficial cargo owners.
Commenting on the announcement, managing director and chief executive officer of DP World Middle East and Africa, Suhail Al Banna, said: “Our success in enabling trade and stimulating commerce at DP World Sokhna over the last decade is a testament to our market strength as a key trade and logistics hub in the south of the Suez Canal with access to the world’s busiest maritime trade routes.”
Al Banna added: “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.”