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Economy

Egypt eyes Asian investment for new Suez cargo terminal

Singapore's PSA in the running as it seeks overseas growth

Suez Canal Container Terminal is currently underutilized but analysts say drafts at Egypt's seaports are not deep enough. (Courtesy Suez Canal Container Terminal)

SUEZ, Egypt/SINGAPORE -- Egyptian authorities are seeking Asian investment for a new cargo terminal at Port Said at the Mediterranean end of the Suez Canal. They have been in talks with Singapore's PSA, but are considering possible offers from COSCO Shipping Ports, among others.

"We are awaiting a final masterplan of a new pier at East Port Said Port from Singapore's PSA," Suez Canal Authority Chairman Mohab Mamish told reporters in Suez on March 16. "The General Authority for Suez Canal Economic Zone is currently handling the negotiations efficiently with PSA."

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