Egypt’s Holding Company for Maritime and Land Transport has signed a memorandum of understanding with A.P. Moller – Maersk A/S to establish the country’s first ship recycling project at Damietta Port.
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir highlighted that this initiative marks Egypt’s first venture into ship scrapping at Damietta Port in partnership with the Industrial Development Group. The project aims to supply raw materials for the iron and steel industry while promoting sustainability by reducing scrap imports and foreign currency outflows.
Aligned with international regulations, including the Hong Kong and Basel Conventions, the initiative ensures environmental protection and efficient resource management in maritime transport.
The MoU builds on a previous agreement between the Holding Company for Maritime and Land Transport and the Industrial Development Group to establish a company focused on ship scrapping, new ship construction, and both planned and emergency ship repairs.
