Red Sea Ports Authority to sign agreement with China’s CRBC for three projects

The Red Sea Ports Authority is scheduled to sign today an MoU with the China Road and Bridge Corporation (CRBC) for three port projects, authority head Hisham Abou Senna tells Al Borsa. Chief among the projects is a USD 250 mn multipurpose terminal with the capacity to handle 1.2 mn containers per year at the Safaga Port. CRBC will also construct another 137 sqm multipurpose terminal at the Nuweiba Port. The agreement will also include developing the Sharm El Sheikh Port, and the construction of its business and entertainment centers. Abu Senna had previously said the Sharm El Sheikh developments would entail the establishment of a terminal for tourist ships and a marina for yachts.