Tuesday , 17 September 2019
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DP World has entered the Egyptian market with the US$670m purchase of a 90% stake in ECHCO, the controlling shareholder of Sokhna Port Development Co (SPDC).

DP World expands into Egypt

The remaining 10% of ECHCO remains with Amiral Holdings. Captain Ossama Al-Sharif will remain as chairman of the port and an active partner in the enterprise through Amiral Holdings Ltd.

Sokhna is the closest container port to Cairo, and is expected to have a capacity of 1.2m teu by end 2009. The port is located within the North West Suez Economic Zone, the first of its kind in Egypt.

Sultan Ahmed bin Sulayem, DP World chairman, said that Egypt is the largest economy in North Africa and is rapidly becoming a major force in the region with foreign direct investment growth of 65% per annum since 2000.

“Sokhna will continue to play a significant role in supporting this growth, serving as a gateway for the growing Egyptian industrial base and consumer demand,” he said, adding that the port not only serves Cairo, but is also situated directly on the main East-West arterial trade route at the southern entrance to the Suez Canal.

“Sokhna is a is a valuable addition to DP World’s other Red Sea ports – Jeddah and Djibout,” said Mohammed Sharaf,

DP World CEO

He said that with a berth depth of 17 m alongside and two additional super post-panamax cranes arriving in early 2008, the port has significant potential to expand its services.