China’s CRBC to begin USD 600 mn Sharm El Sheikh port development project in late April

The China Road and Bridge Corporation (CRBC) will reportedly break ground on the USD 600 mn Sharm El Sheikh port development project on 25 April, a source at the Red Sea Ports Authority tells Al Mal. CRBC will build a touristic resort with a yacht marina and entertainment center, as well as an EGP 30 mn mechanical dock. The Chinese developer had landed the contract for the Sharm El Sheikh port in December last year, when it acquired three Red Sea port projects worth a combined USD 1.35 bn, including the development of the ports in Safaga and Nuweiba.