DP World has acquired a 90 per cent stake in Egypt's Sokhna Port for US$670 million, reports the Khaleej Times.
It cited a senior company official as saying that the Dubai-based company will invest an additional $1.3 billion to develop the deep sea Egyptian port over the next three years.
It added that an extra $916.4 billion investment will be fuelled by the Egyptian government to raise the capacity of the port, which will be able to handle 8,000-TEU-plus container ships
The remaining 10 per cent stake in Sokhna Port Development Company will stay with Amiral Holdings Limited.
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