Suez Canal Inks $500 Million Deal for Container Terminal
Egypt's Suez Canal Economic Zone (SCZONE) on Tuesday announced it signed a $500 million contract with the Suez Canal Container Company (SCCT) to establish a second container handling terminal in East Port Said.
The project will expand the existing SCCT’s Container Terminal at Port Said East Port, with a length of 955m and a handling yard of 510,000 m2. The terminal is currently operating with a berth length of 2,400m and a handling yard of 1.2 million m2 as the main operator in Port Said East Port, with annual throughput of 4 million TEUs.
Waleid Gamal El-Dein – Chairman of the General Authority for the SCZONE,said, "This project comes within the framework of SCZONE’s consistent eagerness with Egypt’s economic strategy, which aims to develop the Egyptian ports to maximize their role in the global maritime trade movement and to exploit the various investments to create job opportunities. This is exactly what the project offers, as it aims to expand the existing container terminal in Port Said East Port with cumulative investments estimated at $500 million, providing 1,000 direct and indirect job opportunities, especially for the residents of Port Said and North Sinai cities."
Steven Yoogalingam – CEO and Managing Director of SCCT, said, "The targeted additional volume reaches 2 million TEUs with cumulative investments estimated at $500 million”. He pointed out to this cooperation as a complement to the partnership journey that has extended since 2004 and as a result of APMM’s great confidence and belief in the Egyptian national economy."