Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone) , today presented details of the recent agreement to develop an integrated industrial and residential zone at Sokhna in Egypt to investors and businesses in Dubai, the company said in its press release.
The opportunities to invest and launch op erations in the project were outlined to company representatives, many of whom already have existing outlets in Dubai’s Jebel Ali Freezone (Jafza). Sokhna World Zone will create a sustainable industrial area to attract foreign investment and 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 and is due to start in the first quarter of 2018. A joint venture will be created between SCZone (51%) a nd DP World (49%) with DP World managing the zone.
The Sokhna World Zone will cover 95 square kilometres with an estimated 400,000 jobs and include industrial and residential areas coupled with the development of DP World’s operations at Sokhna Port, increasing its capacity and linking it to the industrial zone. Business sectors include light and medium - sized industries, logistics, and service utilities. Targeted industries include medical, electronics and communications, construction materials, logistics, textiles, automotive parts, food processing, energy production components and petrochemicals. A residential zone spanning 20 square kilometres will include coastal villas, residential units, shopping and administrative centres, entertainment facilities, mosques, schools, hospitals, clubs and green spaces . The residential area will be able to accommodate 500,000 people.