APM Terminals will invest up to $500 million to construct a 1km long berth in East Port Said in Egypt.
The chairperson of the Suez Canal Authority (SCA), Osama Rabie, has been in Europe this week and was present for the signing ceremony of the agreement with Maersk.
APM Terminals has been the majority shareholder in the Suez Canal Container Company at Port Said for nearly 20 years. The facility declares its only terminal in Egypt capable of simultaneously handling two huge container vessels without compromising in terms of productivity.
The amount of investment in Egyptian port infrastructure has increased in the last 18 months as the country is seeking to establish itself as a potential green fueling hub.