Published On: Wed, Jun 10th, 2015

Alexandria Port Authority completes 91% of 2015 investment plan: Chairman

The Alexandria Port Authority completed 91% of the investment plan for new projects in the current fiscal year (FY) 2014/2015. (AFP PHOTO/Brendan SMIALOWSKI)

The Alexandria Port Authority completed 91% of the investment plan for new projects in the current fiscal year (FY) 2014/2015, said the port’s chairman, Admiral Abd Elkader Darwish, on Tuesday.

Darwish added that the investment plan for the current fiscal year stands at EGP 460m.

“The plan was self-funded through the economic activity of the port, and using the revenues by investing them again,” Darwish said.

Darwish expected to execute more than 95% of the targeted investment plan of the current FY, compared to execution rates which did not exceed 40%.

Alexandria Port works on exporting around 40% of Egyptian industries’ products, Darwish said, adding that the investment plan until 2017 targets making Alexandria Port a giant port competing with the biggest ports in the Mediterranean Sea.

 

“The authority negotiates with the Egyptian Company for Woods over obtaining 150,000 sqm to increase the space,” Darwish said. He added that the authority developed the coal port with investments amounting to EGP 3.5bn over two years, and with an annual return of EGP 125m.

The authority developed the foods port as well, with investments worth EGP 5.5bn over four years.

As for the tourism axis, Darwish said the authority works on building a 200-yacht capacity marina, and linking the old city of Alexandria with the new city, with investments of EGP 80m, which would make annual return of EGP 20m.

Damietta Port achieved EGP 125m, with growth of EGP 30m over 10 months, according to Ayman Saleh, Chairman of Damietta Port Authority. Saleh added that the investment rates raised the receiving capacity of the port to 85 ships.

The port works on adding a petrochemicals project on 5,000 sqm, which would significantly increase the port’s revenues in the next period, Saleh said. The port will re-propose the project to the investors in the next period, he added.

“Damietta Port is very close to the Egyptian delta, so the siltation rates are very high, which cost EGP 55m during the current FY allocated to remove the silt,” according to Saleh.

 

[“source – dailynewsegypt.com”]