Hutchison Ports has signed a long-term agreement with the Egyptian Navy for the development and operation of a new US$730m container terminal in Abu Qir, Egypt.
The new terminal will be located inside the Abu Qir Naval Base and connected to a new two-way highway with three traffic lanes on each side and residential bypass.
This will link it to Alexandria within 20 km, as well as to the national roadwork to the capital city of Cairo and other major cities across the country.
His Excellency Commander in Chief Vice Admiral of the Egyptian Navy Ahmed Khaled Saied said: “The development of Abu Qir signifies the continuation of our successful partnership with Hutchison Ports, the world’s most renowned port investor and operator.
“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 El Sisi’s Egypt Vision 2030 of regional leadership with sustainable development.”
The project will be funded primarily by the joint investment of the two partners in phases, with a planned handling capacity of 2m teu upon completion and the ability to handle large vessels with a draft of 18 m.
It will have a total quay length of 1,200 m and a 60 ha terminal yard, additional 100 ha of land exclusively reserved for yard expansion.
The first phase of the new terminal is expected to commence operations in 2022 with a concession period of 38 years.
Eric Ip, group managing director of Hutchison Ports, said: “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 fuelling container trade.
“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.”