Arab Finance: Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone, initialed a contract with Rafik Boulos Daou. Vice President and Managing Director of Suez Steel Company This contract stipulates that the Suez Canal Economic Grant will grant the Suez Steel Company a commitment area inside Adabiya Port with a total area of ​​30 thousand square meters, at an investment cost of 120 million dollars.
This is for the purpose of operating and maintaining a sea berth (4 and 5) of the port’s berths with a length of 650 meters and a depth of 17 meters, and exploiting a storage and trading yard for dry bulk, inputs and products of the iron and steel industries, and re-handing over the commitment area at Adabiya Port. The signing ceremony was attended by a number of leaders of the economic zone, And Suez Steel Company.
He stressed that the Authority’s cooperation with success partners from major economic entities locally and internationally, represented by the presence of 15 industrial developers and 5 international port operators, enhances the exchange of experiences and achieves added value to the Authority’s assets and its world-class infrastructure and provides more job opportunities for Egyptian youth, noting that the port Adabiya represents one of the main gates at the southern entrance to the Suez Canal, which achieves communication between Asia and Africa. It is considered one of the leading Egyptian ports in the circulation of dry and liquid bulk goods, explaining the Authority’s keenness to achieve Egypt’s vision. 2030, which aims for Egyptian ports to become a destination for global trade and transit, which contributes effectively to supporting exports and achieving economic development.
For his part, the Managing Director of the Suez Steel Company expressed his happiness in cooperating with the Suez Canal Economic Zone to achieve more economic leaps for both sides, pointing out that the expected trading volume after this agreement reaches 5 million tons annually of dry bulk goods in the first phase, adding that it is The plan is to achieve gradual growth in trading volumes to reach 10 million tons annually within 5 years, which represents support for various other industrial sectors, as the iron and steel industry is the cornerstone of many industries such as cars. Vehicles, energy projects, and other industries. The planned trading volumes also represent an addition to the activity of Adabiya Port, placing it among the leading ports on the Red Sea.
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