DP World signs for development of economic zone in Sokhna in Egypt
The Dubai-based DP World have signed a partnership agreement with Suez Canal Economic Authority on 7 November.
Admiral Mohab Mamish, Chairman of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone), and Sultan Ahmed bin Sulayem, CEO and Group Chairman of DP World signed a deal to develop an integrated industrial and residential zone at Sokhna.
The Prime Minister of Egypt, Sherif Ismail, witnessed the signing which took place at a ceremony in Sharam el-Sheikh at the World Youth Forum.
The joint venture will give SCZone 51% and DP World 49%, and the UAE company will manage the zone.
The project is expected to being in the first quarter of 2018, it will cover 95sqkm – including industrial and residential areas – and the development is project to open more than 400,000 jobs.
“The development of the zone will support the sustainable growth of the country and help it attract more business investment. It will also help transform the Suez Canal into a major trade and business hub in the region, given its strategic location and role as an artery for global trade,” commented bin Sulayem.
“We are looking forward to working with the SCZone through this joint venture to develop the project using our international expertise and know-how of trade and logistics, to add value to the Egyptian economy.”