Egypt’s Transport Ministry and the UAE’s Al-Suwaidi group have signed a $6bn agreement for the development of two ports in Egypt.

The agreement, signed on 14 March at the government’s Egypt Economic Development Conference in Sharm el-Sheikh, will see investment pumped into existing ports at Ain Sokhna and Damietta.

As part of the agreement, Bejing-based China Harbour was also confirmed as the main contractor and operator for the ports.

The deal was facilitated by local investment bank Beltone Financial.

Speaking on the sidelines of the investment conference, Egypt’s Transport Minister Hany Dahy told MEED that investment in logistics and transport networks is a high priority for the current government, and that Egypt will also be investing heavily in its eastern ports in a bid to support the Suez Canal expansion.

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