Egypt’s cabinet ratified on August 22 a concession agreement to design, construct, manage, operate, and maintain a multi-purpose terminal at East Port Said Port, located east of the Suez Canal’s northern entrance, Invest-Gate reports.

This came during the cabinet’s weekly meeting, where it announced that the build-operate-transfer (BOT) deal, between the Suez Canal Authority (SCA) and an unnamed company, will see the latter manage and maintain the new terminal, including a 900-meter quay, according to a recent official statement.

The 330,000-square-meter terminal will be designed to handle all types of cargo and will create 300 direct jobs, the statement noted.

Additionally, during the meeting, the cabinet also approved the establishment of a joint-stock utility company, dubbed “SCZone Utilities,” which will construct, operate, maintain, and own different utilities and projects in the Suez Canal Economic Zone.

During FY 2018/19, the Suez Canal logged record-breaking revenues of EGP 104.3 bn, compared to EGP 74.2 bn two years ago, with a growth rate of 40.4%, SCA earlier revealed.