Sokhna acquistion signed

Dubai Port World (DP World) has acquired a 90% stake in the Egyptian deepwater port of Sokhna for the sum of US$670 with Egypt’s Amiral Holdings retaining the other 10%.

The acquisition was first announced in October 2007 and it has now been formally signed.

The Port of Sokhna is situated in the Red Sea near the southern entrance to the Suez Canal and is strategically placed on the busy east/west trade route. It is the closest port to Cairo and has four quays with a depth alongside the berths of 16 m. The container terminal is capable of handling 750,000 teu annually but the port also caters for breakbulk and general cargo. In 2007 the port handled a total of 440,000 teu.