Egypt signs $500m Suez Canal deal with Maersk, discusses $800m port investment

Port Said, Port Fuad and the Suez Canal, as seen from the International Space Station (Nasa/Tim Kopra/public domain)
The Suez Canal Authority has signed a deal worth $500m with Danish shipping company Maersk to build a berth at East Port Said, business news site Zawya reports.

The project will add a 1km-long dock to the existing 500m quay at the port’s container terminal.

The project will also increase the number of cranes to 30, and these will be powered by electricity rather than diesel to curb emissions.

Maersk is also considering a plan to turn the port into a smart terminal operated by the latest digital systems.

In a separate development, Reuters reports that Egypt yesterday signed two provisional agreements for the development of unnamed port facilities. The deals are with a consortium made up of Hutchison Ports of Hong Kong, Chinese shipper Cosco and France’s CMA CGM.

It added that the agreements could lead to investments of up to $800m.

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