Business, Freight News, Sea

Development of Economic Zone in Sokhna, Egypt

[ November 16, 2017   //   ]

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, signed a partnership agreement on November 7 to develop an integrated industrial and residential zone at Sokhna in Egypt, in the presence of Sherif Ismail, the Prime Minister of Egypt.
The signing took place at a ceremony in Sharm el-Sheikh at the World Youth Forum.
The agreement will establish 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. It 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. Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said the support of His Excellency Abdel Fattah el-Sisi, President of Egypt, and the role of the Egyptian government in removing barriers to investment were key factors in the future success of the project. He underlined DP World’s commitment to support the government’s vision and the UAE’s wise leadership to encourage more investment in the country and to work on mutual development projects for the benefit of both nations which would further strengthen their relationship.

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