Egyptian Transport Minister Kamel El-Wazir has urged for the completion of construction and development work at the Ain Sokhna Port within two years to coincide with the completion of the first phase of Egypt's first high-speed electric railway linking the city of Ain Sokhna, Alexandria and New Alamein city.
The minister said the railway, which will link Egypt’s eastern and northern coasts, will help transport cargo from and to ports nationwide, including the Ain Sokhna port, in addition to transporting passengers.
The $23 billion railway project - comprising four lines - will be implemented by Germany’s Siemens along with other Egyptian companies. Each line is set to be implemented within two years.
El-Wazir's directives were made during an inspection tour he made on Tuesday to follow up on the construction and developmental work at the Ain Sokhna Port, an affiliate of the Suez Canal Economic Zone (SCZone), according to a statement released by the transport minister.
The overall cost of construction and developmental work at the port is estimated at EGP 20 billion (around $127million), the statement added.
Head of the General Authority of the SCZone, Yehia Zaki and the presidents of 42 national contracting companies accompanied the minister on the tour.
The port’s project is currently being developed in cooperation with Dubai Port Operator DP World, an Emirati multinational logistics company under an agreement signed in 2017.
In November 2017, Egypt's SCZone Authority and DP World signed a partnership agreement to develop an integrated industrial and residential zone in Egypt's Red Sea coastal area of Ain Sokhna.
The agreement will establish a joint venture between SCZone (51%) and DP World (49%), with DP World managing the zone.
The project, located 55 kilometres south of the Suez Canal entry point, will allow shipments to reserve passage through the canal directly from the port, avoiding anchorage in front of Suez.
Egypt has been pushing forward with efforts to lure investors to its SCZone in recent years, highlighting the available opportunities for foreign corporations.