Hutchison sets up US$730 million box terminal with Egyptian Navy
HONG KONG'S Hutchison Ports has signed of an agreement with the Egyptian Navy to build and operate a US$730 million container terminal in Abu Qir, or Aboukir, reported Dubai's Transport & Logistics Middle East
HONG KONG'S Hutchison Ports has signed of an agreement with the Egyptian Navy to build and operate a US$730 million container terminal in Abu Qir, or Aboukir, reported Dubai's Transport & Logistics Middle East.
The greenfield project, inside the Abu Qir Naval Base, where Nelson sank Napoleon's fleet in the Battle of the Nile, will be connected to a new highway with 3 traffic lanes on each side and residential bypass, linking it to Alexandria within 20 kilometres, as well as to the national road network to the capital city of Cairo and other major cities across the country.
Said Vice Admiral Ahmed Khaled Saied: 'Today is a special day for us. The development of Abu Qir signifies the continuation of our successful partnership with Hutchison Ports, the world's renowned port investor and operator.
Said Hutchison managing director Eric Ip: 'We have been investing in Egypt since 2005, and it has always been an important market to us justified by the country's growing population and economy that are fueling container trade.
'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,'
'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,' said Mr Ip.
An online ceremony was jointly hosted by Admiral Saied and Mr Ip s together with the management team joining from Hong Kong and the United Kingdom.