INTERNATIONAL – Canal Sugar, owned by Dubai-based Al Khaleej Sugar Refinery, plans to build a pier and grains terminal in Egypt’s port city of Damietta with $200 million in investments, its CEO said on Tuesday.
The new terminal will have a discharge capacity of 3,000 tonnes of grains per hour, the CEO, Islam Salem, told a news conference.
The company expects to finalise a contract with the government for the pier and terminal by the end of the year, Salem said in response to a Reuters question.
The project will be partially self-financed, while the remaining funds will come from infrastructure financing institutions, he said.
He declined to give the facility’s storage capacity.