Dubai: Expansion work began two weeks ago on the third basin at Sokhna port, Egypt, which will include new liquid bulk and general cargo terminals, DP World (Egypt)’s executive director Ibrahim Al Hammadi has confirmed.
DP World (Egypt) has signed an agreement with the Egyptian Ministry of Transport to begin construction of the second dock early next year, which includes two new container terminals. Dubai-based DP World owns Sokhna Port and operates several terminals there.
Construction of the new dock will take two years, with total investments likely to be close to $750m, Al Hammadi said in a press conference this week.
Hammadi added that container volumes at Port Sokhna started to recover during 2014, following a drop of 30% over the past year. The port aims to handle 550,000 TEU before the end of 2014.
The company expects container traffic to further recover next year after the implementation of these new expansions. The port's current capacity is 1.1m TEU.
The company has been able to resolve dockworkers’ strikes at the port, noted Al Hammadi.
DP World is considering opening new markets in East and West Africa, he told press. [9/12/14]