The Egyptian Ministry of Transport recently signed a preliminary agreement with “Al Maha Capital”, one of the investment arms of the Qatar Investment Authority (Qatar’s sovereign fund), to participate in the management and operation of the Port Said West seaport terminal.
According to the reports in the Egyptian media yesterday, Kamal El-Wazir, the Egyptian Minister of Transport, is the one who signed in mid-September a cooperation protocol with Abu Bakar Kundial, the senior advisor of “Al Maha Capital”, to determine the general framework of the cooperation during the coming period.
Sources in Egypt revealed that the initial agreement that was signed includes assistance from the Qatari company to the Port Said Containers and Cargo Company, the owner of the terminal, in a variety of areas including the future development and management of new services, including a flexible pricing and marketing policy.
Port Said West port is located at the northern entrance to the Suez Canal, on an area of 2 square kilometers, with docks 4 kilometers long, with an annual capacity of 13 million tons and an average handling of more than 8.7 million tons per year.