DP World Expands and Extends Concession in Egypt
Set to double operations at Sokhna port over time
Official signing attended by Egypt PM and DP World Chairman
Dubai, UAE, Sokhna, Egypt, 14 October, 2010: Egypt’s Prime Minister HE Ahmed Nazif and DP World Chairman HE Sultan Ahmed Bin Sulayem today officiated at a signing ceremony of an agreement between DP World and the Red Sea Ports Authority that clears the way to double the size of DP World’s container operations in Sokhna Port.
The new terminal at Sokhna Port, which is located at the southern end of the Suez Canal, will have a quay length of 1,300 metres and a capacity of 1.75 million TEU, more than doubling DP World Sokhna’s existing capacity to match the rapid increase in volumes at the port. It is anticipated the new capacity will be available within four years. The new agreement replaces the original concession agreement awarded to DP World Sokhna and further extends the concession to 35 years after the construction of the new terminal.
DP World Chairman HE Sultan Ahmed Bin Sulayem said:
“We are very pleased to have the opportunity to further develop Sokhna Port. The new agreement is recognition of the contribution DP World Sokhna has made to the local economy and the successful role it has played in meeting the growing needs of our customers with quality services. We thank the Red Sea Ports Authority for the trust placed in us and look forward to a growing cooperation.” Captain Osama Al Sharif, Chairman, DP World Sokhna, said: “The DP World Sokhna Basin 1 terminal has been performing extremely well, working above capacity, thanks to the high level of cooperation we have received from our customers and the authorities. DP World Sokhna has already brought a new level of energy to economic activity in this part of Egypt with its state-of-the-art maritime facility. We hope to contribute even more to Egypt’s growth under the new agreement.” Sokhna Port is the closest container port to Cairo and one of Egypt’s busiest. It is located within the 90 square kilometres North West Suez Economic Zone, the first of its kind in the country.
About DP World
DP World is one of the largest marine terminal operators in the world, with 50 terminals and 11 new developments across 31 countries(1). Its dedicated, experienced and professional team of nearly 30,000 people serves customers in some of the most dynamic economies in the world.
DP World aims to enhance customers’ supply chain efficiency by effectively managing container, bulk and other terminal cargo.
The company constantly invests in terminal infrastructure, facilities and people, working closely with customers and business partners to provide quality services today and tomorrow, when and where customers need them.
In taking this customer-centric approach, DP World is building on the established relationships and superior level of service demonstrated at its flagship Jebel Ali facility in Dubai, which has been voted “Best Seaport in the Middle East” for 16 consecutive years.
In 2009, DP World handled more than 43.4 million TEU (twenty-foot equivalent container units) across its portfolio from the Americas to Asia.
With a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East, capacity is expected to rise to around 95 million TEU over the next ten years as per market demand.
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(1) As of 14 October, 2010
DP World Limited, press release