May 03 2006 |
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AREF Group, KGL to Establish $1 Billion Container Terminal in Damietta Port, Egypt
Beirut (APD) - Kuwait and Gulf Link Transport Company (KGL) and the Kuwaiti Islamic financial services firm, AREF Investment Group, are partnering for a container terminal project in Egypt's Damietta Port, sources in the Egyptian ministry of transport told the London-based Asharq al Awsat daily in a report published Wednesday."The ministry of transport will sign an agreement with Arab and foreign companies to establish a container terminal in Damietta Port with an investment topping $1 billion. The project will be completed in three years," said Egyptian minister of transport, Mohammad Mansour, in a press statement on Tuesday.
In a second project at Damietta Port, a joint venture of Saudi and Egyptian investors will establish a logistics station called 'New Marine' at a cost of LE 800 million ($139.1 million), Mansour added.
KGL, which was formed in 1974, is specialized in transport, off-loading, stevedoring and handling of various types of cargos at Kuwaiti sea ports.
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
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