Hutchison Ports has inked two concession agreements with the Egyptian Government to operate the container terminals in Ain Sokhna Port and El Dekheila Port.

Total investment for the initial operations of the two projects is approximately $700 million, bringing Hutchison Ports’ total investment in Egypt to over $1.5 billion, according to the company.

Hutchison Ports will work together with co-investors CMA CGM and COSCO SHIPPING Ports for the project in Sokhna and with Terminal Investment Limited for the project in El Dekheila.

READ: AD Ports to supervise operations in Ain Sokhna Port

The initial ceremony to mark the event was hosted by His Excellency Mostafa Madbouly, Prime Minister of Egypt and His Excellency Kamel Al-Wazir, Minister of Transport. Other attendance included representatives from CMA CGM, COSCO SHIPPING Ports and Terminal Investment Limited, and Clemence Cheng, Managing Director, Europe of Hutchison Ports.

“We have been operating in Egypt for almost 20 years, and it has always been an extremely important market to us, not only because it is located at the crossroads of one of the busiest east-west trade lanes, but also the young and very energetic population of the country will result in increasing demand for international trade,” commented Eric Ip, Group Managing Director of Hutchison Ports.

“We look forward to working closely with the Egyptian Government to develop these port projects to their full potential to provide first class service to all the stakeholders.”

Earlier this month, Hutchison Ports signed a Memorandum of Understanding with AD Ports Group to extend the companies’ business reach globally.

The two organisations will form a partnership to operate within Tanzania, where they will work closely together to explore opportunities to further enhance the capabilities and market competitiveness of port operations across the East African country, including Dar Es Salaam Port.