France’s Bollore to establish $220 mln car terminal in Suez Canal

Egypt and French logistics firm Bollore signed on Thursday an agreement to build an automobile terminal in East Port Said in the new Suez Canal Economic Zone.

Suez Canal Authority chairman Mohab Mamish signed the agreement with Olivier De Noray, director at Bolloré Transport and Logistics.

Bolloré Transport and Logistics is part of French industrial conglomerate Bollore.

The project will include a 600-metre sea pier, with a 240,000 square metre trade facility.

Mamish said the project is the first of its kind in the Middle East. In addition, it will help generate 650 direct and indirect jobs, with target investments up to $220 million, he added.

The Suez Canal Economic Zone, a mega-project launched in 2015 to create an international hub for global manufacturers along the canal, is expected to eventually make up about a third of the country’s economy.