SCZone taps Port Said Container & Cargo Handling Company for USD 300 mn East Port Said Port container terminal

It looks as though the Suez Canal Economic Zone’s agreement with France’s CMA CGM has faltered, as the authority has tapped the Port Said Container & Cargo Handling Company to construct, manage, and operate the USD 300 mn East Port Said Port container terminal, Land and Maritime Transport Holding Company Chairman Mohamed Youssef tells Al Borsa. The French shipping group had signed an MoU with the authority in December to manage the terminal, the investment value of which had initially been set at USD 765 mn. CMA CGM was awarded the contract after talks with Singapore’s PSA International floundered last year.