[12 March 2005 – Hong Kong] – Hutchison Port Holdings (HPH) is pleased to announce that it has entered into agreements with a consortium led by the Alexandria Port Authority for the construction, operation, and management of two terminals at Alexandria Port and El Dekheila Port, Egypt.
As part of the agreements, Alexandria International Container Terminals, a new joint venture company is being established between HPH and the consortium, will develop these general cargo terminals into modern container handling facilities.
Admiral Mohamed Youssef, Chairman of Alexandria Port Authority, said, “Due to Egypt’s political and economic stability, the Egyptian Government’s policy to attract foreign direct investment by partnering with multinational companies will contribute to the growing economy of Egypt. We have full confidence that this partnership with HPH will be a success. The terminals will benefit from the transfer of best terminal management expertise and best practices. This is a good start to create the necessary port infrastructure to handle the country’s growing trade.”
Commenting on the investment, John Meredith, Group Managing Director of HPH said, “HPH is pleased to see the Egyptian Government’s commitment to the modernization of port facilities, which is timely with the growing international maritime trade. The terminals are well-positioned to capture cargoes generated from the hinterland. The development will enhance the role of Alexandria Port and El Dekheila Port as the centre of trade in the Mediterranean Sea. HPH’s global network will be further strengthened with our presence in the region.”
The two terminals will be converted with a depth alongside of 12 metres and quay lengths of 380 metres and 560 metres in Alexandria Port and El Dekheila Port, respectively.