China’s COSCO Shipping Ports is planning to invest $375 million in Egyptian ports during 2024, including Ain Sokhna port, the company’s Chief Accountant Zhao Fengnian said, according to Asharq Business.
The new investments aim to increase the capacity of COSCO’s containers across different ports in Egypt, Fengnian added.
COSCO SHIPPING Ports is a global leader in port logistics, with terminals across major port regions in China, Europe, the Mediterranean, the Middle East, Southeast Asia, South America, and Africa.
As of 31 December 2023, it operated 371 berths at 38 ports worldwide, including 224 container berths, with an annual capacity of around 123 million twenty-foot equivalent units (TEU).
Earlier in June, DP World unveiled plans to invest $80 million to build a new logistics park with an area of 300,000 square metres in Ain Sokhna.