Maersk plans to invest $500mln in Suez Canal

Arab Finance: Danish shipping company Maersk is planning to inject around $500 million worth of investments into the Suez Canal Container Terminal in East Port Said, according to a statement by the Suez Canal Authority (SCA) on August 11^th.

The new investments will be used in the development of a new container dock with a length of 1,000 meters beside the current 500-meter dock at the terminal.

The project will also include increasing the number of cranes to 30 powered by electricity, instead of diesel, to curb emissions at the terminal and transform it into a green terminal by the end of 2030.

Moreover, the board of directors of Maersk mulled over a plan to transform the Suez Canal Container Terminal into a smart terminal that is operated by the latest smart handling and communication systems.