Home / News / Suez Canal Economic Zone Authority and DP World Sign Agreement For Development Of Economic Zone In Sokhna, Egypt

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 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

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said the support of
His Excellency Abdel Fattah el-Sisi, President of Egypt, and the role of the Egyptian government
in removing barriers to investment were key factors in the future success of the project. He
underlined DP World’s commitment to support the government’s vision and the UAE’s wise
leadership to encourage more investment in the country and to work on mutual development
projects for the benefit of both nations which would further strengthen their relationship.

Mr. Bin Sulayem, said: “This partnership demonstrates the commitment of DP World to
support the growth of Egypt’s economy and reflects the trust we place in the determination of
the government to make the project a success. The development of the zone will support the
sustainable growth of the country and help it attract more business investment. It will also 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.
“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 across six
continents, to add value to the Egyptian economy and leave a legacy for future generations.”

Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the
Suez Canal Economic Zone (SCZone), said: This signing builds on the historic relations
between Egypt and the UAE and is aligned with the vision of President Sisi for the development
of trade in the region. The project includes a comprehensive economic zone in Sokhna including
an industrial free zone and a number of development projects that will boost the national
economy and create jobs for Egyptian youth. Today’s signing concludes months of work of the
joint committee that has been working closely with the leadership of both countries and
consultants to make this happen. This is an important step in Egypt’s industrial and economic
growth journey, while taking advantage of the strategic location of the Suez Canal.”

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 linking it to the
industrial zone
• More 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, 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
• The residential area will be able to accommodate 500,000 people

Source: dpworld
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