A group of Kuwaiti investors has signed a memorandum of understanding (MoU) with Damietta Port Authority for a 40-year concession to build a new $1,000 million container terminal at the port. Under the terms of the agreement, Kuwait & Gulf Link Transport Company (KGL)and Aref Investments Groupwill design, build, finance and operate the new facility, which will be able to handle about 500,000 containers a year in the first phase.
The scheme, which will occupy a 1 million-square-metre area at the port, will include the construction of new docks and warehousing as well as deepening of the existing channels and docks, in order to take large Panamax tankers. Project costs for the first phase are estimated at $420 million and a planned $580 million second-phase expansion will raise the capacity to 1.5 million containers a year. In March, KGL signed an MoU with DPA to carry out a six-month feasibility study into a planned expansion of the container terminal (MEED 4:3:05).
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