According to sources, MENA Infrastructure Fund LP has plans to sell its stake in Alexandria International Container Terminals (AICT), which operates two container terminals in Egypt.
In April 2008, MENA Infrastructure Fund acquired a significant minority stake in AICT. The fund, affiliated to HSBC bank, has announced that it will received proposals from buyers for its 33% stake in AICT. According to the same sources, the company has already received some proposals from investors.
AICT holds the concession to operate and maintain two container terminals in Egypt: Alexandria and Dekheila ports. Both terminals are operated by Hutchison. The AICT terminals are positioned to capture European, Mediterranean and American trade, and benefit from a substantial and well-connected hinterland.
Alexandria Port is considered one of the largest and most important ports in the Mediterranean. The port handles almost 60% of Egypt's foreign trade according to Alexandria Port Authority (APA).
Founded in 2007 and owned by HSBC, Fajr Capital and Waha Capital, MENA Infrastructure currently manages a US$300 million infrastructure fund from its headquarters in the Dubai International Financial Centre.