New company will develop projects within the Suez Canal Zone
Dubai-based DP World and the General Authority for the Suez Canal Economic Zone in Egypt have announced a new joint venture (JV).
The as-yet-unnamed new company will develop projects within the Suez Canal Zone, which is said to be one of the most promising trade zones in the region as a result of its logistics facilities and strategic location.
DP World said that it is keen on growing its business in Egypt, through projects in the Suez Canal Economic Zone, including establishing a dedicated industrial, trade logistics district. The new district will feature all the required services and facilities in addition to residential and entertainment spaces. The project is in line with the Egyptian Government’s commitment to creating a business-friendly environment in the country.
The joint venture was announced during Egyptian President Abdel-Fattah El-Sisi’s meeting on August 9 with DP World chairman and CEO, Sultan Ahmed bin Sulayem, and the chairman of the Suez Canal Authority, Mohab Mamish.
During the meeting, Bin Sulayem briefed the President about his firm’s current business activities, including operating the Ain Al Sokhna Port in Egypt, as well as 77 other marine and inland terminals in 40 countries across six continents.
President El-Sisi approved plans for establishing the joint development company, and confirmed his government’s support for the new JV company to commence its projects. The President also welcomed the cooperation with DP World Group and its integrated investment plan in Egypt.