Suez Canal Economic Zone and Suez Steel initial a contract to operate a berth and a yard for dry bulk handling

Mr. Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone, initialed a contract with Mr. Rafik Boulos Daou, Vice President and Managing Director of Suez Steel Company S.A.E. This contract stipulates that the Suez Canal Economic Zone grants Suez Steel Company a commitment area within the Adabiya Port with a total area of 30 thousand square meters, and an investment cost of 120 million dollars, for the purpose of operating and maintaining a sea berth (4 and 5) of the port's berths with a length of 650 meters and a depth of 17 meters, and exploiting a storage and handling yard for dry bulk and inputs and products of the iron and steel industries and re-delivering the commitment area in the Adabiya Port. The signing ceremony was attended by a number of leaders of the economic zone and Suez Steel Company. On the sidelines of the signing ceremony, Mr. Walid Gamal El-Din stated that the Suez Canal Economic Zone is always keen to maximize the benefit from its ports and industrial zones, taking advantage of the unique strategic location of the Authority's ports on the Red Sea and the Mediterranean, and achieving integration between ports, industrial zones and logistics zones to support global supply chains in various sectors, stressing that the Authority's cooperation with success partners from major economic entities locally and globally represented by the presence of 15 industrial developers and 5 global port operators. It enhances the exchange of expertise and achieving added value for the Authority's assets and infrastructure with world-class specifications and provides more job opportunities for Egyptian youth, noting that the Adabiya Port represents one of the main gates to the southern entrance to the Suez Canal that achieves communication between Asia and Africa, and is one of the leading Egyptian ports in handling dry and liquid bulk goods, explaining the Authority's keenness to achieve Egypt's Vision 2030, which aims for Egyptian ports to become a destination for global trade and transit, which effectively contributes to supporting exports and achieving economic development. For his part, the Managing Director of Suez Steel Company expressed his happiness with the cooperation with the Suez Canal Economic Zone to achieve more economic leaps for both sides, noting that the expected trading volume after this agreement reaches 5 million tons annually of dry bulk goods in the first phase, adding that it is planned to achieve gradual growth in trading volumes to reach 10 million tons annually within 5 years, which represents support for various other industrial sectors as the iron and steel industry is the cornerstone of many industries such as cars, vehicles, energy projects, and other industries. The planned trading volumes also represent an addition to the activity of Adabiya Port, placing it among the leading ports on the Red Sea. It is worth noting that Adabiya Port is considered one of the most important ports in the Red Sea region for trading dry bulk and liquid bulk goods with an annual average of 7 million tons/year. The port is witnessing work to raise the efficiency and develop marine docks with dock lengths of 1200 meters for the first phase; This is to prepare it to receive ships with a capacity of 150 thousand tons, lengths of 300 meters, and a draft of 17 meters, in addition to its readiness to receive ships of equipment and large packages, which require special procedures for receiving, storing, and transporting them.