Cairo - Mubasher: The Suez Canal Authority and the Suez Canal Economic Zone (SCZone) have signed an agreement with DP World to develop the first phase of an integrated industrial and residential zone in Ain Sokhna.
The agreement establishes the timetable to execute the first phase of the project, and it was signed by Admiral Mohab Mamish, the chairman of the Suez Canal Authority and the Suez Canal Economic Zone, and Sultan Ahmed Bin Sulayem, the chairman and CEO of DP World.
DP World's Group chairman and CEO said he was pleased with the progress "of this promising new project, which has the potential to substantially increase foreign investment into Egypt’s economy."
He added that the company has seen first-hand "the power of trade infrastructure like free zones and seamless logistics corridors to drive economic growth in Jebel Ali Port and Free Zone" which contributes to over 20% of Dubai's gross domestic product (GDP).
“We hope to see Sokhna’s new industrial zone drive the same if not greater growth for Egypt. Our focus on long-term sustainable change will also ensure that this growth is beneficial for generations to come,” the top official stated.
Egypt will harness all available resources and capabilities to ensure the success of this project, which will yield significant benefit for future generations. We will be targeting various industries to join the new industrial zone and look forward to realising this growth in the coming months, according to Admiral Mohab Mamish.
