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Suez Canal Containers Terminal Eyes $60 Mn in Investments in 2021

Cranes are seen near the Suez Canal in Port Said, Egypt. (Reuters file photo)
Cranes are seen near the Suez Canal in Port Said, Egypt. (Reuters file photo)
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Suez Canal Containers Terminal Eyes $60 Mn in Investments in 2021

Cranes are seen near the Suez Canal in Port Said, Egypt. (Reuters file photo)
Cranes are seen near the Suez Canal in Port Said, Egypt. (Reuters file photo)

The Suez Canal Container Terminal (SCCT) aims to invest $60 million during 2021 to develop the infrastructure of the east terminal of Port Said port, announced Chief Commercial Officer Sunai Mukherjee.

Mukherjee told a press conference in Cairo Tuesday that the company, which owns 18 cranes including six giant cranes, will add another six in 2021.

Asked by Reuters about the number of containers in circulation, Mukherjee indicated that the volume of container handling increased to 20 percent in 2020 to reach 3.78 million containers, which is the highest circulation rate in the history of the terminal’s operation since its inception in 2004.

He said the company is targeting a seven percent increase in the number of containers handled during this year.

The company also aims to raise its winches from 50 to 60-yard winches, according to Mukherjee.

The majority shareholding of SCCT is held by APM Terminals, while 20 percent of the shares are held by COSCO, 10 percent are held by Suez Canal and Affiliates, 5 percent by the National Bank of Egypt (NBE), and the remaining 10 percent are held by the Egyptian private sector.

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Red Sea Authority Sets Goal to Attract 19 Million Tourists to Coast by 2030

SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. - Photo by SPA
SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. - Photo by SPA
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Red Sea Authority Sets Goal to Attract 19 Million Tourists to Coast by 2030

SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. - Photo by SPA
SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. - Photo by SPA

The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Investment, released on Tuesday a report titled "Invest in Coastal Tourism," highlighting the crucial role of coastal tourism in driving the goals of Saudi Vision 2030 to attract 19 million tourists to the Red Sea coast.
The report outlines the sector’s contributions to diversifying the national economy, attracting investments, generating new income sources, and creating employment opportunities.

It further emphasizes the importance of protecting the marine environment to ensure its sustainability for future generations, SPA reported.
SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. The goals include capturing 30 percent of the Kingdom’s leisure tourism and 40 percent of total entertainment spending, attracting 19 million tourists, and generating more than 210,000 jobs. This effort aligns with SRSA’s mandates, which include encouraging investment in navigational and marine tourism activities while offering administrative, technical, and advisory support to all investors, particularly small and medium enterprises. It aims to promote these activities to enhance the coastal tourism sector and position the Red Sea as a compelling global destination.
In line with its recent initiatives, SRSA is dedicated to providing a unique experience for tourists in the Red Sea, fostering an attractive investment environment, setting model infrastructure standards, and creating prestigious coastal tourism destinations. It aims to achieve sustainable tourism and effective governance within the coastal tourism system.