Cairo, September 19 (QNA) - Maha Capital, an investment fund in which the Qatar Investment Authority (QIA) invests, has signed a memorandum of understanding (MoU) with the Egyptian Ministry of Transport to set a general framework for joint cooperation during the upcoming period and initiate the essential feasibility studies to carry out joint projects in the ports.
In its first stage, the MoU includes cooperation in the field of developing West Port Said Container Terminal and upgrading its capabilities, expanding its activities and optimizing its competitive capabilities to cope with the state-of-the-art global systems in the field of managing and operating container terminals through hiring international operators and global navigation lines to increase the terminal's share in containers market in the middle east region.
The MoU was signed by an executive consultant of Maha Capital Partners Abubakar Kondial and HE the Egyptian Minister of Transport Eng. Kamel El Wazir during the meeting of HE Chief of Asia-Pacific & Africa Investments at Qatar Investment Authority (QIA) Sheikh Faisal bin Thani Al-Thani and his accompanying delegation from representatives of Maha Capital Partners with HE the Egyptian Minister of Transport.
During the meeting, they discussed ways to boost joint cooperation in the field of maritime transport.
In a statement, the Egyptian Ministry of Transport stated that the discussions had focused on supporting the development of the economic and trade ties between the two friendly countries in the field of ports and specialized terminals, particularly the methods of Qatari side engagement in developing the current containers terminals in the Egyptian ports through pumping direct investments to develop and upgrade the capabilities of the superstructure, including operation equipment and apply the state-of-the-art technologies in management and operation.
During the meeting, the Egyptian Minister of Transport said that the transport sector in Egypt witnesses a substantial boom, pointing out that there is a promising investment opportunity in this field, such as the construction of maritime terminals for general merchandise and cargo and establishing logistics centers and dry ports to be further connected with railways to contribute to increasing the commercial traffic and trade in the Egyptian ports in pursuit of achieving the larger goal that entails converting Egypt into a global hub for trade and logistics. He pointed out the existence of multiple models of joint investment cooperation in this field, in addition to other opportunities for investment in the high-speed electric rail network, which is a mega project that represents a vital paradigm shift in transportation in Egypt. (QNA)