Middle East

DP World welcomes Suez development, eyes investment

Dubai: Ports giant DP World has welcomed the launch of the new Suez Canal project which will see a secondary channel built alongside the existing waterway to help boost traffic volumes.

Mohammed Sharaf, DP World’s ceo, said the new development would help global trade. Moreover, Sharaf said DP World could be interested in further investments along the Suez Canal.

DP World already has a port concession in Eghypt, at Sokhna just south of the Suez Canal on the Red Sea. 

In the last week Egypt outlined plans to build a new 72 km channel which will cost around $4bn and be finished in five years. [10/08/14]

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