DP World takes over Egyptian port operator

Dubai government-controlled port operator pays $670 million to acquire 90% stake in ECHCO.

Dubai government-controlled DP World said it had moved into the Egyptian maritime market for the first time, buying a 90 percent stake in a container port operator for 670 million dollars. DP World, one of the world's largest container port operators, said in a statement it had acquired a controlling stake in Egyptian Container Handling Company (ECHCO), which in turn is the controlling shareholder of a firm which operates the Port of Sokhna.

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