10 Things you need to know about Hutchison project for Egyptian ports

Last week, Egypt celebrated signing a long-term agreement with Hutchison ports for a project to establish and operate a new container terminal in Abu Qir worth around $700 million.

The project is not the 1st one for Hutchison in Egypt, the company's investment in Egypt reach about $1.5 billion.

Here are 10 things you need to know about this project.

1. Hutchison Ports has announced a $730 million investment in a collaboration with the Egyptian Navy to develop a new container terminal in Abu Qir, Egypt.
2. The terminal will have a capacity of 2 million TEUs (twenty-foot equivalent units) and will be built in three phases over six years.
3. Hutchison Ports CEO Eric Ip and Egyptian Navy Commander Ahmed Khaled signed the agreement at a ceremony in Alexandria.
4. The terminal will be the first in Egypt to use remote-controlled quay cranes, which will improve efficiency and reduce emissions.
5. The project will create around 1,000 direct jobs and up to 4,000 indirect jobs in Egypt.
6. The Abu Qir terminal is strategically located on the Mediterranean Sea and will serve as a hub for trade between Asia, Europe, and Africa.
7. Hutchison Ports currently operates two ports in Egypt, East Port Said and Damietta, and has been operating in the country since 2006.
8. The investment is part of Egypt's plan to attract foreign investment and promote economic development in the country.
9. The project is expected to contribute to the development of the local community, with a focus on education and vocational training.
10. The investment is part of Egypt's plan to attract foreign investment and promote economic development in the country.