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DP World's $520m Sokhna expansion set for completion in Q2-20

DP World's $520m Sokhna expansion set for completion in Q2-20
The project includes establishing a second dock at Sokhna port
DP World
DPW
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Cairo – Mubasher: DP World is expected to finalise the expansion of Ain Sokhna port by the second quarter of 2020 at a cost of $520 million, Reuters reported, citing the Dubai port operator’s Middle East and Africa CEO and managing director Suhail Al Banna as saying.

This will raise the port operator’s total investments to $1.6 billion, Al Banna added.

The project includes establishing a second dock that will double the port’s capacity to 1.75 million twenty-foot equivalent unit (TEU) containers from the current 970,000, he revealed.

About 40% of the investments allocated to build the second dock are bank-financed, while the remaining 60% is self-financed.

In 2018, the port handled 655,000 containers, Al Banna added, expecting a 7% rise in 2019 and a 10% increase in 2020.