Jan 03 2006 |
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Saudi Investor Fitaihi Submits Offer to Finance Expansion of Egypt's Damietta Port Container Terminal
Cairo (APD) - Saudi businessman Ahmed Hassan Fitaihi presented the Egyptian government with an offer to invest into expansion of the Damietta Port Container Terminal, the pan-Arab Asharq al-Awsat daily reported on Tuesday.Fitaihi sent a letter to the Holding Company for Maritime and Land Transport expressing his interest to become a partner in the Damietta Container and Cargo Handling Company, which is in charge of container handling operations at the Container Terminal in Egypt's Mediterranean port of Damietta.
The Saudi businessman is chairman of Jeddah-based Ahmed Fitaihi Company, a leading company in importation, trading and retail sale of jewelry and giftware.
Plans for Damietta Port foresee an upgrading of the container handling capacities to be carried out in two phases.
In the second phase, two docks of 300 meters each would be added to expand the terminal's total area of docks to 1,700 meters and increase the overall capacity of the port to 1.8 million containers.
The Holding Company for Maritime Transportation received two further expressions of interest by international firms which stated that they want to participate in the Damietta project.
One offer came from CGM-CMI, a France-based international shipping line that expressed interest to partner in 50% of the company's capital.
The second offer came from Singapore Port Authority to invest in Damietta Container and Cargo Handling through a capital increase.
Mohamed Youssef, president of Holding Company for Maritime and Land Transport, said his company and Damietta Container and Cargo Handling Company had formed a committee to study and evaluate the three offers. [TS]
By Eman Wahby, APD Staff Writer in Cairo
© APD (Arab Press Digest) 2006
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