DP World to develop Suez Canal freezone
DP World has signed a partnership agreement with the Suez Canal Authority to develop an integrated industrial and residential zone at Sokhna in Egypt on the Suez Canal.
The agreement was signed by Admiral Mohab Mamish, chairman of the Suez Canal Authority and chairman of the Suez Canal Economic Zone (SCZone), and Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, in the presence of Sherif Ismail, the Prime Minister of Egypt.
The 95 sqkm freezone, located 70 kilometres south of Suez will create an estimated 400,000 jobs and will be owned by a joint venture between SCZone (51%) and DP World (49%) with DP World managing the zone, which is projected to start in the first quarter of 2018.
In line with the Egyptian government’s plans to develop the Suez Canal Corridor and the new administrative capital, the development will aim to create a sustainable industrial zone to attract foreign investment.
A press release issued by DP World said the freezone will feature a range of investment incentives and encourage innovation using best international practice in the management of Special Economic Zones (SEZs), free zones, ports, and logistic hubs based on DP World’s global experience.
The project will also promote the development of Small and Medium-sized Enterprises (SMEs), create job opportunities and provide training for young Egyptians adding value to the economy.
“This partnership demonstrates the commitment of DP World to support the growth of Egypt’s economy and reflects the trust we place in the determination of the government to make the project a success,” said Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World.
“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,” he added.
“This is an important step in Egypt’s industrial and economic growth journey, while taking advantage of the strategic location of the Suez Canal,” said Admiral Mohab Mamish, chairman of the Suez Canal Authority and chairman of the Suez Canal Economic Zone (SCZone).