Abu Dhabi Ports Group has signed a signed a memorandum of understanding (MoU) to start the construction and management of a multipurpose terminal in Ain Sokhna port on the western coast of the Gulf of Suez in Egypt.
Dubai-headquartered DP World already has a concession at the same Red Sea port, which is located around 120 km away from Cairo, the Egyptian capital.
In September last year Egypt’s National Authority for Tunnels (NAT) signed a $4.34bn, 15-year contract with a consortium including Siemens Mobility, Orascom Construction and Arab Contractors for the design, installation and maintenance of a high-speed electric rail network linking the Red Sea and Mediterranean coasts.
Dubbed the Suez Canal on rails, the first stage of the rail network will be 660 km in length, running from Ain Sokhna and the Mediterranean ports of Alexandria and Marsa Matrouh, and will include a freight line and main line designed to carry 30m passengers annually. The long discussed trans-Egyptian railway has also been dubbed the Med-Red rail project.
Egypt is currently seeking a wave of foreign investments to revive its ports as well as develop inland navigation.