Dubai World to invest $8.7b in Egypt

Dubai World, the newly-established holding company, will invest close to Dh32 billion (50 billion Egyptian pounds, $8.7 billion) in Egypt to develop a seaport and some other industrial projects, company officials said on Monday as quoted by Gulf News daily.

It also includes the development of a container terminal at Eastern Port Said and associated infrastructure.

Egyptian officials, quoted by an Arabic newspaper, said 20 billion pounds will be invested in the development of the container terminal. They added 30 billion pounds will be spent on establishing facilities to serve the port and ship and container movement through the Suez Canal.