Experts fear DP Sokhna sale in wake of debt crisis

Local marine-transport experts are concerned that the UAE-based Dubai Ports World (DP World) will sell its Egyptian Sokhna Port operation in an effort to help its ailing mother company, Dubai International Capital, meet US$60 billion worth of debt obligations.

DP officials recently announced their intention to freeze US$1.3 billion allocated for the expansion of the seaport over the coming three-year period. Company advisor Ismail Mubarak, however, insisted that Sukhna Port would "not be affected" by the ongoing Dubai debt crisis.

Nevertheless, according to Arab Chamber for Marine Transport President Hatem el-Qadi, marine transport in the region was sure to be adversely affected by the crisis.

"But Egypt can make use of this by picking up more logistical operations, thanks to the vast spaces available at the Egyptian ports of Sukhna and Port Said," said el-Qadi, who went on to call for the construction of more warehouse space at both ports.

Translated from the Arabic Edition.

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