DP World Sokhna deal marked by top level signing ceremony

DP World Sokhna deal marked by top level signing ceremony
WAM WAM Dubai, Feb.17th, 2008 (WAM) - Under the auspices of Dr Ahmed Nazif, Prime Minister, Arab Republic of Egypt and Sultan Ahmed Bin Sulayem, Chairman, DP World, a formal signing ceremony took place today in Cairo between Captain Ossama Al Sharif, CEO & President, Sokhna Port Development Company and Admiral Mamdouh Deraz, Chairman, Red Sea Port Authority.

The ceremony marked the sale and transfer of ownership of the Sokhna Port Development Company - the concession holder and operator of Sokhna Port - to the global marine terminal operator.

With the completion of the deal this week, DP World Sokhna becomes the 43rd terminal in DP World's global portfolio, which, with the addition of Egypt, now covers 23 countries. DP World is investing US$670 million to acquire a 90% share of Sokhna Port Development Company.

The remaining 10% remains with Amiral Holdings Ltd. The acquisition was announced in October 2007. Captain Ossama Al Sharif remains Chairman and an active partner in the enterprise.

Also attending the ceremony were Egyptian Minister of Transportation Mohamed Mansour, DP World Executive Vice Chairman and Group CEO of Ports and Free Zones World Jamal Majid Bin Thaniah and DP World CEO Mohammed Sharaf.

Chairman Sultan Ahmed bin Sulayem said: "This is an historic day for DP World as we expand for the first time into Egypt. We are committed to developing the facility at Sokhna over time, contributing to the local economy and also meeting the growing needs of our customers in the region." As Chairman of giant holding company Dubai World, the ultimate parent of DP World, bin Sulayem added: "Egypt is largest Arab market and the UAE is the largest foreign investor in Egypt. We see considerable potential for other Dubai World companies to invest in Egypt, including those that can offer value adding supply chain services, such as business parks associated with the port, as well as real estate, tourism development and others. We look forward to exploring those opportunities further over time." Sokhna Port is the closest container port to Cairo and is expected to have a capacity of 1.2 million TEU by 2009. The port is located within the 90 square kilometre North West Suez Economic Zone, the first of its kind in Egypt.