Dubai based port operator DP World has partnered with Suez Canal Authority to construct a mega economic zone in Egypt, DP World group chairman and CEO Sultan Ahmed Bin Sulayem has said.
The economic zone will cover 95 square kilometres and include industrial and residential areas as well as the development of Sokhna Port, increasing its capacity and linking it to the industrial zone.
Egypt hopes to create 400,000 jobs from the project as well as support the sustainable growth of the country and help it attract more business investment.
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 to develop an integrated industrial and residential zone at Sokhna.
“The economic zone in Egypt will help transform the Suez Canal into a major trade and business hub in the region, given its strategic location and role as an artery for global trade,” said Bin Sulayem.
“We are looking forward to working with the SCZone through this joint venture to develop the project using our international expertise and know-how of trade and logistics, to add value to the Egyptian economy,” he added.
The industrial zone will comprise business sectors including 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 centers, entertainment facilities, mosques, schools, hospitals, clubs and green spaces.