Dubai: DP World and the two authorities responsible for the Suez Canal, have presented details of their recent agreement to develop an integrated industrial and residential zone at Sokhna in Egypt to investors and businesses in Dubai.
Sultan Ahmad Bin Sulayem, Group Chairman and CEO of DP World, and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), spoke to investors recently, the Dubai Ports operator said in a statement on Sunday.
The opportunities to invest and launch operations in the project were outlined to company representatives, many of whom already have existing outlets in Dubai’s Jebel Ali Freezone (Jafza).
DP World stated that Sokhna World Zone will create a sustainable industrial area to attract foreign investment and will feature a range of investment incentives and encourage innovation.
These industrial areas will use “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 statement added.
The project will also promote the development of small and medium-sized enterprises (SMEs), create job opportunities and provide training for Egyptians, and is due to start in the first quarter of 2018. A joint venture will be created between SCZone (51 per cent) and DP World (49 per cent) with DP World managing the zone.
Bin Sulayem said in a separate statement: “Sokhna World Zone will be a major opportunity for businesses here in Dubai and elsewhere to launch regional operations or expand their presence. The partnership with the Suez Canal Economic Zone Authority and the Egyptian government reflects the strong relationships both our countries enjoy and it will become a foundation of the Egyptian economy for decades to come. It will transform the Suez Canal and establish a trade and business hub, changing the lives of thousands and those of future generations.”
He added: “Our success in creating Jafza which now has over 7,300 companies on site and its proximity to Jebel Ali Port is a model we are applying in other locations around the world. This project will be 1.5 times bigger than Jafza and enable access to the Egyptian market and the region as well as complement what we have achieved here in diversifying the Dubai and UAE economy.”
