DP World said in a press release, that the framework agreement establishes a clear timetable of actions required to execute the first phase of the project spanning 30 square kilometres.
DP World had previously established a 51:49 joint venture with SCZone to develop a comprehensive industrial zone in Sokhna spanning 75 square kilometres, as well as increase the capacity of Sokhna port and link it to the industrial zone to fuel foreign investment and trade growth. The zone will be managed by DP World, with investment commitments for the zone from companies expected by March.
Business sectors to feature in the new industrial zone will include light and medium-sized industries, logistics, and service utilities. Targeted industries include medical, electronics and communications, construction materials, logistics, textiles, automotive parts, food processing, energy production components and petrochemicals
Signing the agreement DP World group chairman and ceo Ahmed Bin Sulayem said: “We are pleased to move ahead with the development of this promising new project, which has the potential to substantially increase foreign investment into Egypt’s economy.”
He noted that the emirate of Dubai as well as DP World has seen first-hand the power of trade infrastructure like free zones and seamless logistics corridors to drive economic growth, noting that the group’s flagship Jebel Ali Port and Free Zone together contribute to over 20% of Dubai’s GDP.
“We hope to see Sokhna’s new industrial zone drive the same if not greater growth for Egypt. Our focus on long term sustainable change will also ensure that this growth is beneficial for generations to come,” he said.
SCZone and Suez Canal Authority chairman Mohab Mamish said: “Our continued partnership reflects the deep-rooted trade ties between our countries and an ongoing strategy to further the growth of both our people and economies. With DP World, Egypt will harness all available resources and capabilities to ensure the success of this project, which will yield significant benefit for future generations. We will be targeting various industries to join the new industrial zone and look forward to realising this growth in the coming months.”
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