The Egyptian Suez Canal Economic Zone signed a $500 million deal with the Suez Canal Container Company to build a second container handling terminal.
Under the signed agreement, the Suez Canal Container Terminal will be highly responsible for the design, construction, financing, operational activities, and management.
According to SCCT, the outlined economic project will magnificently expand its operations of Container handling from the rest of the world at large.
“With a length of 955 meters and a handling yard of 510,000 square meters, the Container Terminal is currently operating on a length of 2,400 meters and a handling yard of 1.2 million square meters as the key operator”, the East Port said in a statement.
The SCZONE chairman of the General Authority Waleid Gamal El-Dein said that the strategic project comes within the formulated framework.
Further, East Port clarified that the Terminal expansion which is estimated at $500 million, provides one thousand indirect and direct job opportunities to the people of North Sinai Cities and at the Port as well.
Managing Director and CEO Steven Yoogalingam stated that the targeted additional volume reaches two million TEUs with cumulative investments as earlier estimated on the budget.
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He also figured out to the cooperation as a complement to the partnership journey that has been pushed forward since 2004 for the modern and advanced Egyptian National Economy.
On the other hand, the Canal Terminal is currently operating with a berth length of 2,400 meters and a handling yard of 1.2 million square meters, with an annual throughput of four million TEU.
