May 16, 2023
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With the announcement on Thursday, the port division of CK Hutchison Holdings Ltd (0001.HK) will invest around $700 million in two significant Egyptian ports, boosting the company’s overall investment in Egypt to more than $1.5 billion.
Hutchison Ports aims to use the money to build Alexandria’s Mediterranean port’s B100 as well as the new container terminal in Ain Sokhna, which is a port lying along the Red Sea.
Cosco Shipping Ports Ltd will invest $375 million and operate the Sokhna New Container Terminal for 30 years, covering 25% of the cost of a new container terminal being constructed by the Egyptian government. When finished, it will be able to accommodate 1.7 million TEUs.
Source: Reuters, Nasdaq
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