Sisi, Mamish discuss East Port Said project development
Abdel Fatah al-Sisi held meets with Chairman of the Suez Canal Authority Mohab Mamish Thursday - Photo Courtesy Of Presidential Office

CAIRO: President Abdel Fatah al-Sisi held a meeting with Chairman of the Suez Canal Authority Mohab Mamish Thursday to discuss latest developments on the Port Said East Port project, Youm7 reported.

“The port will be developed to be one of the world’s most important container seaports, transshipment hub, global logistics and trade center,” Presidential spokesperson Alaa Youssef said in a statement Thursday.

Industrial Development Complex will be Egypt’s foremost transshipment hub and trade-oriented gateway

The east port is located at the northern entrance to the Suez Canal, and at the intersection of three continents; Africa, Europe and Asia. Ministry of Transportation is seeking investment of $700 million for expansion of the container terminal at East Port Said.

Sisi said all the state’s work capacities should be directed in developing the port, to reduce the cost and rely on the expertise and capacities of the Egyptian companies in the implementation process, according to Youssef.

Sisi discussed the importance of putting a future expansion plan of the port into consideration, so that it can accommodate, manufacture and maintain more ships.

Moreover, the president checked on the latest development on the New Suez Canal dredging works and the special preparation of the inauguration ceremony, scheduled for August 6.

On June 13, Mamish announced that the UK’s WPP Company for advertising and public relations will organize the New Suez Canal inauguration ceremony.

The inauguration ceremony will introduce the project and its advantages to the world, along with the investment opportunities it offers, Mamish said, adding that a number of Egyptian investors will also participate in funding the inauguration.

The project of the new 72-kilometer long canal was launched in August 2014 with a one-year deadline instructed by Sisi.

Egypt hopes the project will increase shipping traffic to 97 ships per day by the year 2023, up from 49 ships at present, and also to increase canal revenues from $ 5.3 billion at present to $ 13.226 billion in 2023, according to the Suez Canal Authority webpag

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