On Saturday, the Egyptian Prime Minister Mostafa Madbouly inspected the development works at Sokhna Port port as part of his expanded tour of the economic zone of the Suez Canal to follow up the construction of four new yards and quays that are 12 meters in length and 18 meters in-depth, as well as logistics areas served by a network of railways.
The port will facilitate, after development, the transfer of goods, especially containers, to all parts of the country and Alexandria Port on the Mediterranean Sea.
The prime minister also inspected an 842 meter-long wave barrier and a 1,000 meter-long ecological barrier aimed at protecting nearby facilities.
The overall cost of construction and developmental work at the port is estimated at EGP 20 billion (around $127million), the statement added.
Head of the General Authority of the SCZone, Yehia Zaki and the presidents of 42 national contracting companies accompanied the minister on the tour.
The port’s project is currently being developed in cooperation with Dubai Port Operator DP World, an Emirati multinational logistics company under an agreement signed in 2017.
In November 2017, Egypt's SCZone Authority and DP World signed a partnership agreement to develop an integrated industrial and residential zone in Egypt's Red Sea coastal area of Ain Sokhna.
The agreement will establish a joint venture between SCZone (51%) and DP World (49%), with DP World managing the zone.
The project, located 55 kilometers south of the Suez Canal entry point, will allow shipments to reserve passage through the canal directly from the port, avoiding anchorage in front of Suez.
Egypt has been pushing forward with efforts to lure investors to its SCZone in recent years, highlighting the available opportunities for foreign corporations.
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