A contract to implement the first phase of development of an integrated industrial and residential zone in Sokhna, Egypt has been signed in Dubai between DP World, the Suez Canal Authority and the Suez Canal Economic Zone (SCZone). The framework agreement, which establishes a timetable to execute the first phase of the project spanning 30 square kilometres, was signed by Sultan Ahmed Bin Sulayem, Group chairman and CEO of DP World and Admiral Mohab Mamish, chairman of the Suez Canal Authority and SCZone. This follows the signing of a partnership contract at a ceremony in Sharm el-Sheikh, Egypt on the sidelines of the World Youth Forum in November last year.
The joint contract between SCZone (51 percent) and DP World (49 percent) with DP World managing the zone, will result an industrial zone in Sokhna spanning 75 square kilometres, as well as expanding the capacity of Sokhna port. Both parties focus to sign agreements with companies that wish to establish facilities within the zone by March.
Bin Sulayem stated, “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 also said, “In Dubai and at DP World, we have seen first-hand the power of trade infrastructure like free zones and seamless logistics corridors to drive economic growth – today, our flagship Jebel Ali Port and Free Zone together contribute to over 20 percent of Dubai GDP. We hope to see Sokhna’s new industrial zone drive the same if not greater growth for Egypt.”
Mamish also mentioned, “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.”
Business sectors to feature in the new industrial zone will involve light and medium-sized industries, logistics, and service utilities.
Targeted industries include construction materials, logistics, textiles, medical, energy production components, electronics and communications, automotive parts, food processing and petrochemicals.
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