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Article: Hub port project shows off Egyptian ambitions. (container transhipment hub of Port Said, Egypt)(includes related articles on container port constructions in the Middle East and North Africa)(Cover Story)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- April 24, 1998
CopyrightCOPYRIGHT 1998 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Egypt is bidding to create a dominant position for itself in East Mediterranean shipping with the construction of a container transhipment hub east of Port Said.
The Suez Canal has been the source of trouble and benefit for Egypt in equal measure since it opened for business in 1869. On the down side, it has brought crippling debt, loss of sovereignty and war; on the plus side, it has made Egypt a focal point for international shipping, with some 14 per cent of world trade passing through the waterway. These days it also brings in almost $2,000 million in annual revenues.
The Egyptian government is now seeking to capitalise on this man-made resource as never ...