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  • 2017 November 8 14:00

    Suez Canal Economic Zone Authority and DP World sign agreement for development of economic zone in Sokhna, Egypt

    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, today signed a  partnership agreement 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 logis tic 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  Egyptian s adding value to the economy.

    SEZ  Key facts :

    • It will cover 95  square kilometres  and include industrial and residential areas coupled  with  the development of Sokhna Port,  increasing its capacity and li nking it to the industrial zone

    • M ore than 400,000 jobs estimated  to be created

    • Business sectors include  light and medium - sized industries, logistics, and service utilities.  Targeted industries include medical, electronics and communications , construction  materials, logistics, textile s , auto motive parts, food  processing , energy production  components and petrochemicals

    • A  residential zone spanning 20 square kilometres  will include co a stal villas,  residential  units, shopping and administrative c enters,  entertainment facilities, mosques,  schools, hospitals, clubs and green spaces

    • The residential area will be able to  accommodate  500,000 people.




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