DP World makes first foray into Egypt
Dubai Port World has acquired a 90-percent stake in ECHCO, the controlling shareholder of Sokhna Port Development Co., which operates the closest port to Cairo.
The move marks the initial entry into the Egyptian for the Dubai-based terminal operator.
Sokhna is expected to have a capacity of 1.2 million TEUs by the end of 2009, DP World said, and will benefit from a nearby 90-square-kilometer economic free zone (the North West Suez Economic Zone), the first of its kind in Egypt.
DP World paid $670 million to acquire the controlling interest in the port, with the remaining 10 percent held by Amiral Holdings Ltd.
DP World makes first foray into Egypt
