On March 16, 2023, COSCO SHIPPING Ports and Hutchison Ports successively issued documents announcing investment projects in major ports in Egypt.

COSCO SHIPPING Ports stated that it will form a terminal company with leading companies in the industry to build and operate the Egyptian government's newly built terminal in Sukhna Port. The project operation period is 30 years, with a total investment of approximately US$375 million. Reaching 1.7 million TEU, COSCO SHIPPING Ports holds 25% of the shares.

Hutchison Ports stated that it will invest in the new container terminal B100 in the main ports of Sukhna and Alexandria in Egypt. The investment in the two projects is about US$700 million. Currently, Hutchison Ports’ total investment in Egypt has exceeded US$1.5 billion.

COSCO SHIPPING Ports Zhao Fengnian (first from the right in the front row) formally signed the project agreement with the partner

Sukhna Port is one of the main ports in Egypt. It is located at the southern entrance of the Suez Canal, about 120 kilometers east of Cairo, adjacent to the Suez Northwest Economic Zone, and along the east-west trade route. According to the plan, the Suez Canal Special Economic Zone covers an area of 460.6 square kilometers and will be developed into Egypt's industrial, technological center and world logistics center. Relying on the development of the special economic zone, Sukona Port will continue to enhance its competitiveness in the Red Sea port, and is expected to become an important logistics hub in the region and Africa.

As the world's leading integrated port operator, continuous improvement of the global network is one of the major development strategies that COSCO SHIPPING Ports has always adhered to. At present, COSCO SHIPPING Ports has a stake in the Suez Canal Terminal in Port Said in Egypt. The investment in Sukhna Port will further refine the terminal network of COSCO SHIPPING Ports in this region, and improve and optimize the global layout.

Hutchison Ports stated that Sukhna Port is located in a strategic location on the Red Sea, and the new container terminal in Sukhna Port can be directly connected to major shipping lines, which will significantly promote Egypt's shipping trade. On the other hand, the B100 container terminal will become a new gateway to Alexandria, one of the largest ports in the Mediterranean Sea and an important hub for trade between Europe, Asia and Africa.Editor/Ma Xue