fbpx

Egypt’s PE Firm To Invest $70M In Kenya-Uganda Cargo Handling Firm

Egypt’s PE Firm To Invest $70M In Kenya-Uganda Cargo Handling Firm

Egyptian private-equity company Qalaa Holdings, formerly known as Cidatel Holdings, said it will invest $70 million to accelerate the movement of rail cargo carried from East Africa’s busiest port of Mombasa in the face of stiff competition from a new Chinese-backed standard gauge link expected to run parallel to the old one.

Qalaa is the majority equity owner in the century old Rift Valley Railways running from Kenya’s shoreline to neighboring landlocked Uganda.

Karim Sadek, managing director of the Qalaa’s transportation division, told Bloomberg the company was “investing heavily in a new subsidiary, which will complement RVR by handling cargo at the port of Mombasa in Kenya.”