Arab Today, arab today greek audit court clears piraeus port sale to cosco athens think tank predicts multiple benefits
Last Updated : GMT 04:18:04
Arab Today, arab today
Arab Today, arab today

Greek Audit Court clears Piraeus port sale to COSCO, Athens think tank predicts multiple benefits

Arab Today, arab today

Arab Today, arab today Greek Audit Court clears Piraeus port sale to COSCO, Athens think tank predicts multiple benefits

Ships are docked at Piraeus port in Athens, Greece
Athens - XINHUA

The Greek Court of Audit, Greece's supreme administrative court, approved on Tuesday the sale of the majority stake of 67 percent in Piraeus Port Authority (PPA) to China's COSCO, Greek national news agency AMNA reported, citing credible judicial sources.

Sources close to the Hellenic Republic Asset Development Fund (HRADF) confirmed to Xinhua the development.

On February 17 Greece's privatization fund had declared COSCO Preferred Investor for the sale of the controlling stake in Greece's largest port for 368.5 million euros.

Under the concession deal which expires in 2052, COSCO will invest an extra 350 million euros over the next decade in infrastructure works at Piraeus.

Following the "green light" from the Audit Court, the agreement requires ratification from the Competitiveness Committee before the sale contract is signed and forwarded to the Greek parliament, AMNA noted.

The entire procedure should be completed by May, according to Greek government sources.

Also on Tuesday one of Greece's leading think tanks, the Foundation for Economic and Industrial Research (IOBE) released the results of a survey confirming the multiple benefits of the transaction to the Greek economy and society.

Greek officials, local business bodies and foreign experts have repeatedly stressed that new investments in Piraeus will further boost the port's role as a key transit hub for products in the Mediterranean, will create much needed job positions in the recession hit country and breathe life in the ailing economy by attracting more investors.

IOBE experts expect that the privatization of Piraeus port will generate half a billion euros in investments by other entrepreneurs in the first five years (867 million euros in total including COSCO's investment), according to the survey.

By 2025 at least 31,000 job positions will be created in a country enduring record high unemployment rates in the past six years, the Greek experts stressed.

"The privatization can play a catalytic role in the port's development, sending a strong signal to international markets that Greece is a safe and attractive investment destination," the IOBE survey concluded.

Since 2009 COSCO's subsidiary Piraeus Container Terminal (PCT) manages Piers II and III at Piraeus under a 35-year concession agreement posting remarkable results, while PPA today runs Pier I.

COSCO's vision to turn Piraeus into a leading international transit hub for products and services from Asia to Europe has already attracted other major multinationals at the port which are cooperating with PCT to distribute their products in the region.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greek audit court clears piraeus port sale to cosco athens think tank predicts multiple benefits Arab Today, arab today greek audit court clears piraeus port sale to cosco athens think tank predicts multiple benefits

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday