SCZone, Suez Steel sign $120M deal to develop dry bulk handling at Adabiya Port
Updated 12/26/2024 3:32:00 PM
Arab Finance: The Suez Canal Economic Zone (SCZONE) and Suez Steel Company have signed a preliminary contract to operate and develop facilities for dry bulk handling at Adabiya Port, as per a statement.
The agreement aims to optimize the port's strategic position and boost its role as a critical hub for international trade.
The deal grants Suez Steel a 30,000-square-meter commitment area at Adabiya Port.
The project, with an estimated investment cost of $120 million, involves the operation and maintenance of marine berths 4 and 5, totaling 650 meters in length and 17 meters in depth.
Additionally, Suez Steel will manage a storage and handling yard for dry bulk, including raw materials and products related to the iron and steel industries.
Adabiya Port, situated at the southern entrance to the Suez Canal, plays a vital role in connecting Asia and Africa. As one of Egypt’s premier ports for handling dry and liquid bulk goods, it contributes significantly to trade and economic development.
The ongoing modernization of the port's facilities includes upgrading dock lengths to 1,200 meters in the first phase, enabling it to accommodate ships of up to 150,000 tons, with lengths of 300 meters and drafts of 17 meters.
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