BAKER & MCKENZIE has advised Orascom Construction Industries and Amiral Holdings Ltd on the sale of 90 per cent of their interest in the Port of Sokhna to Dubai Ports World.
The Bakers team was lead by London partner Michael Herington and Cairo partner Mohammad Talaat, and included associates David Allen and Sarah Whitton from London and Tamer El Hennawy from Cairo.
Situated within the North West Suez Economic Zone, Sokhna Port is considered Egypt’s most modern port. It was Egypt’s first deep-sea port on the Red Sea, it has facilities to accommodate large container vessels and bulk carriers and it is the closest container port to Cairo.
Orascom Construction is a leading cement producer and construction contractor, said the firm, and Amiral Holdings is a multinational corporation with marine, livestock, engineering and technology, and biofuels operations.
Captain Ossama Al Sharif, CEO and president of Amaril Holdings and founder of the Sokhna Port Development Company, described the US$670 million ($714 million) sale of the port as a “critical transaction” which will shape the future of the port for years to come.
See The Middle East Report on page 20 this week.