DP World intends to expand capacity at Sokhna Port to 2.8mn TEUs by 2019
DP World has decided to expand capacity at the Egypt's Sokhna Port to 2.8mn TEUs by Feb 2019. DPW had been assigned to contract global entities to execute the digging works in the second basin, which is currently 90% complete, according to an Al Mal article. DPW's current throughput capacity at Sokhna Port stands at 1.1mn, which is set to increase to 2.8mn, along with 20mn tonnes of general goods once the second basin begins operations. It is worth noting that DPW has signed contracts worth USD700mn with the Egyptian government to execute four projects.
DP World (DU): USD25.40 as of 15 Feb. 2018, Rating: Buy, TP: USD27.50/share, MCap: USD21,082mn, DPW DU/DPW.DI
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