Dubai's DP World has big plans for Egyptian port
UAE-based DP World wants to increase the capacity of Sokhna port in Egypt. (AFP/File)
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UAE-based global ports operator DP World and Egypt's General Authority for Investment and Free Zones have discussed a proposal to increase the capacity of Sokhna port in Egypt.
The port, operated by DP World, sits south of the Suez Canal on the Red Sea on a busy maritime trade route from Asia to the Middle East and beyond, to Europe.
Read more: Dubai's DP World Becomes 'Significant Investor' In Hyperloop One
Sultan bin Sulayem, chairman of DP World, held a meeting in Dubai with Mohamed Khodeir, CEO of General Authority for Investment. He cited Egypt's strategic location and other assets as drivers of investment and international trade in the coming period, said a Wam news agency report.
Khodeir noted that the Egyptian parliament will soon finalise an amended legislation on investments as part of the government's efforts to attract more foreign direct investments and sustain new projects.
Read more: Weak Economy, Currency Send Egypt Non-oil Sector Into Free Fall: Survey
DP World Sokhna is part of the operator's portfolio of 77 operating marine and inland terminals supported by over 50 related businesses in 40 countries across six continents.
Most of the cargo from the east destined for Egypt is imported via Sokhna, the closest port to the Egyptian capital, Cairo, which attracts vessels coming from Europe with cargo for Egypt.
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