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2018 February 27   17:50

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.