DP World and Suez Canal Authority move ahead with development of integrated industrial and residential zone in Egypt
An agreement to implement the first phase of development of an integrated industrial and residential zone in Sokhna, Egypt has been signed in Dubai today between global trade enabler DP World, the Suez Canal Authority and the Suez Canal Economic Zone (SCZone), the company said in its press release.
The framework agreement , which establishes a clear timetable of actions required 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 the Suez Canal Economic Zone (SCZone).
This follows the signing of a partnership agreement at a ceremony in Sharm el - Sheikh, Egypt on the sidelines of the World Youth Forum in November last year. The joint venture between SCZone (51%) and DP World (49%) with DP World managing the zone , will result in the development a comprehensive industrial zone in Sokhna spanning 75 square kilometres, as well as increasing the capacity of Sokhna port and linking it to the industrial zone to fuel foreign investment and trade growth.
Both parties aim to sign agreements with companies that wish to establish facilities within the zone by March this year.