Hutchison Ports has announced a major investment in Ain Sokhna Port, Egypt's major port, and B100, a new container terminal in the Port of Alexandria.
The global port operator said the total investment of the two projects is approximately US$700 million, bringing Hutchison Ports' total investment in Egypt to over US$1.5 billion.
In a statement, Hutchison Ports said these investments pave for a "solid foundation" for the company's strategy to expand its network and enhance its capabilities in emerging markets.
The Hong Kong-headquartered Hutchison Ports noted that the investment includes the development of a new container terminal in Ain Sokhna Port with a capacity of 1.7 million TEUs (twenty-foot equivalent units), which will be equipped with state-of-the-art technology and equipment to provide efficient and reliable services to customers.
Source: Hutchison Ports
In addition, Hutchison Ports will invest in the development of B100, a new container terminal in the Port of Alexandria, which will serve as a gateway to the Egyptian market.
African market expansion
"We are delighted to announce our investment in Sokhna and B100, which reflects our commitment to Egypt and the wider African market. These investments will enable us to provide high-quality services to our customers and contribute to the growth and development of the local economy," Eric Ip, group managing director of Hutchison Ports, said during the signing ceremony attended by His Excellency Mostafa Madbouly, prime minister of Egypt and His Excellency Kamel Al-Wazir, minister of transport, Egypt.
Hutchison Ports noted that the new container terminal in Sokhna will provide a significant boost to Egypt's maritime trade, as it is strategically located on the Red Sea and offers direct access to major shipping routes.
Source: Hutchison Ports
The B100 container terminal, on the other hand, will provide a new gateway to the Port of Alexandria, which is one of the largest ports in the Mediterranean and a key hub for trade between Europe, Asia, and Africa.
It added that the new terminal facilities would further expand the network to 52 ports in 25 countries across Asia, the Middle East, Africa, Europe, the Americas and Australasia.
Hutchison Ports has a network of port operations in 52 ports spanning 25 countries throughout Asia, the Middle East, Africa, Europe, the Americas and Australasia.
Over the years, it has expanded into other logistics and transportation-related businesses, including cruise ship terminals, distribution centres, rail services and ship repair facilities.
In 2021, Hutchison Ports handled a combined throughput of 88 million TEUs.