Suez Canal Zone Announces Deal to Boost Competitiveness, Investment

Egypt's Suez Canal Zone and its Suez Canal Container Terminal (SCCT) announced an agreement on Tuesday committing to $50 million of investments that they said would help boost competitiveness at Port Said East port.

SCCT opened in 2004 and is operated by majority shareholder APM Terminals, part of Denmark's A.P.Moller-Maersk. It has struggled to attract container and transshipment business in recent years.

(Reporting by Patrick Werr Writing by Aidan Lewis; Editing by Kirsten Donovan)