UAE, Egypt Ink MoU to Take Part in Suez Canal Development Project

United Arab Shipping Company (S.A.G) signed memorandum of Understanding (MoU) in order to enter the second Port Said East container terminal to be the first launching of Suez Canal Axis Development Project.

S.A.G entered the agreement with Port Said Co for circulating Maritime and Land Transport in Egypt, so that the percentage of the Arab Partnership shipping line in the range of 20% of the investment cost of the project which estimated at US$760 million.

Mohamed Youssef, the board of directors of the Holding Company for Maritime and Land Transport in Egypt asserted that UAE-based company is one of the companies specializing in container repairs the port of Jebel Ali in the UAE Khalifa Port and the Port of Djibouti, in order to study aspects of the partnership in this strategic project.

 He explained that this project will provide 8-10K job opportunities, stressing that Maritime and Land Transport company is currently making negotiations in order to choose the third partner in the project.