Hutchison Ports inked a long-term agreement with the Egyptian Navy on the development and operation of a new container terminal in Abu Qir, Egypt.
The new terminal will be based inside the Abu Qir Naval Base, naturally being sheltered by the Abu Qir peninsula. The greenfield project will be connected to a new two-way highway with 3 traffic lanes on each side and residential bypass, linking it to Alexandria within 20 kilometers, as well as to the national road network to the capital city of Cairo and other major cities across the country.
Referring to the project, Eric Ip, Group Managing Director of Hutchison Ports, stated that
We have been investing in Egypt since 2005, and it has always been an important market to us justified by the country’s growing population and economy that are fueling container trade.
It is stated that the overall investment in the new terminal is estimated to reach $730 million. The project is to be primarily funded by the joint investment of the two partners in phases, with handling capacity of 2 million TEU upon completion. It will have a total quay length of 1,200 metres and a 60-hectare terminal yard, an additional 100 hectares of land exclusively reserved for yard expansion.
The new terminal has a concession period of 38 years and the first phase is expected to commence operations in 2022.
