The MoU was signed during a meeting in Cairo attended by Egyptian President Abdel-Fattah al-Sisi, commander of the Egyptian naval forces Ahmed Khaled, Hutchison Ports Group Managing Director Eric S.C. Ip and Hutchison Ports Executive Director Clemence Cheng, local media reported.

During the meeting, the Egyptian president highlighted the importance of implementing the project in accordance with the highest international levels, while hailing global reputation of Hutchison Ports in this field.

For his part, Ip commended the opportunities for direct investment of his company in the port of Abu Qir, while he praised the infrastructure development efforts by the Egyptian government,

The company will train more than 1,500 Egyptian engineers and workers for various jobs at the terminal, he added.

The terminal will be able to handle up to 1 million containers annually once all phases of the project are completed, the Chinese company's managing director said.