Egypt plans to establish 3 shipyards in Suez, Red Sea governorates
Updated 11/5/2024 9:10:00 AM
Arab Finance: Egypt is set to establish three new shipyards in the Suez and Red Sea governorates in partnership with the private sector, Head of the Federation of Egyptian Industries’ Maritime Transport Division Ibrahim El Dessouky told Al Borsa News.
Investment into the project is expected to surpass $100 million, with the cost of each shipyard ranging between $30 and $50 million, El Dessouky said
Covering an area ranging between 200,000 and 500,000 square meters, the construction works of the shipyards are to set for completion within the first half of 2027, he said.
Three Gulf-based firms are currently in the early stages of negotiation with the government and private sector companies over establishing other shipyards, El Dessouky noted, adding that Egypt has the potential to become a regional center for shipbuilding and repair.
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