A new Ain Sokhna logistics zone will soon be in the works: Emirati state-owned port operator DP World will break ground on its USD 80 mn logistics zone at Ain Sokhna port this month, the company said in a statement(pdf). The company inked the construction agreement with the Suez Canal Economic Zone’s Main Development Company (MDC) back in August 2022 and the first phase is expected to be completed by the end of 2024 and is expected to create 6k jobs, according to the statement.

DP World is no stranger to Egypt: The company has so far deployed USD 1.3 bn in the country, said DP World CEO and Chairman Sultan Ahmed bin Sulayem. DP World is also the main operator of the Ain Sokhna port and has investments including a USD 520 mn expansion ; it is currently adding another 500K TEUs of capacity at the facility, according to the National.

DP World isn’t the only one interested in the Ain Sokhna Port: Fellow Emirati shipping and logistics giant Abu Dhabi Ports is eyeing up big investments in Ain Sokhna and and said in 2021 that it could invest USD 500 mn to develop a terminal at Ain Sokhna port and another at Safaga port. The port has also been undergoing a USD 20 bn redevelopment plan that began in 2021 that saw Hutchison Ports, Cosco and CMA CGM sign a contract to build a new container terminal at the port that would triple the port’s annual capacity.

DP World says it is committed to Egypt: The company will continue to invest in the Ain Sokhna port and other logistics services to bolster maritime trade and support the Egyptian economy, the statement reads.

Tags: