The authority of Port Said in Egypt has given the green light to allocate 1 million square meters east of the port for the Kuwaiti Aayan Group to offer naval transportation services worth between US$250 million- 300 million in investments. Advisor of the group Ahmed Helmy said in press statements, cited by KUNA, that a company has been formed to manage the project with a capital of US$40 million which the Kuwaiti side will contribute 92 percent of the total capital and the Egyptian side eight percent.
He said the company will offer logistic services at the port such as private naval transportation and cargo transportation in and out of Egypt.
