Grain traders to increase investment in Alexandria after nixing logistics project in Damietta

Grain traders Cargill, Louis Dreyfus, and ADM Medsofts are all planning on increasing their investments in Alexandria ports of Abu Qir and Dekheila, Al Mal reported. The expansions come after the Supply Ministry canceled a logistics area project in Damietta. The companies are set to increase their storage capacities, install new cranes, and automate processes. Al Mal says Cargill is planning to inject USD 10 mn in its facilities at the Dekheila Port, contingent on the revoking of articles within shipping law number 800/2016. The law’s article 41 allows the state to confiscate all construction built on ports by shipping companies after seven years, a provision that was described by the Alexandria Chamber of Shipping in January as akin to going back to “the era of nationalization.”