Dubai Ports World (DP World), the company that operates Egypt’s Sokhna seaport, has announced its intention to delay a scheduled US$1.3 billion port expansion project. The move comes within the context of a company strategy aimed at reducing investments worldwide following the Dubai debt crisis.
"We must reconsider our capacities in light of the diminishing demand for sea cargo due to the crisis," said Mohamed Sharaf, CEO of DP World, which operates almost 50 percent of the world’s seaports. "But this doesn’t mean that we’ll freeze our worldwide projects altogether."
Meanwhile, the Egyptian government is assessing the potential impact of UAE companies working in Egypt on the local economy. "There are 404 UAE companies working here in different fields," said one source, speaking on condition of anonymity. "But only those who have dealings with Dubai International Capital are expected to be affected."
Translated from the Arabic Edition.
