The news brings Hutchison Ports’ total investment in Egypt to over $1.5bn as it aims to expand its network and strengthen its capabilities in emerging markets.

The funding will go towards creating a container terminal in Ain Sokhna Port with a capacity of 1.7 million TEUs, which will be equipped with stateof- the-art technology and equipment and the development of B100.

“We are delighted to announce our investment in Sokhna and B100, which reflects our commitment to Egypt and the wider African market. These investments will enable us to provide high-quality services to our customers and contribute to the growth and development of the local economy,” said Eric Ip, MD, Hutchison Ports.

The container terminal in Sokhna is expected to provide a significant boost to Egypt’s maritime trade, as it is strategically located on the Red Sea and offers direct access to major shipping routes. The B100 container terminal, on the other hand, will provide a gateway to the Port of Alexandria, which is one of the largest ports in the Mediterranean and a key hub for trade between Europe, Asia and Africa.

In other news, Kalmar, part of Cargotec, is celebrating a milestone with the completion of its 6,000th reachstacker, manufactured at its plant in Shanghai, China. Destined for Bodi International in Mongolia, the machine was completed in May 2023 with an event inviting customers, employees, and Kalmar dealers from Greater China to celebrate the achievement.