Plans by Dubai-based DP World to create a new economic zone in the Suez canal region of Egypt have been presented to potential investors.
Sultan Ahmed Bin Sulayem, Group chairman and CEO, DP World and Admiral Mohab Mamish, chairman of the Suez Canal Authority and chairman of the Suez Canal Economic Zone (SCZone), said Sokhna World Zone is due to be launched in early 2018.
They said Sokhna World Zone will promote the development of SMEs, create job opportunities and provide training for young Egyptians adding value to the economy. A joint venture will be created between SCZone (51 percent) and DP World (49 percent) with DP World managing the zone.
The new industrial and residential zone in the town of Al Sokhna lies in an area on the western shore the Suez Canal trade route, a major shipping corridor and artery of global trade.
The new project 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 and creating more than 400,000 jobs.
Bin Sulayem said: “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.
“Our success in creating Jafza which now has over 7300 companies on site and its close 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.”
Mamish added: “We are delighted to partner with Dubai and DP World in launching the project building on our joint expertise and experience. I truly believe investors and companies who commit to the Sokhna Economic Zone will reap the benefits for years to come by planting seeds now for the long term.”
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 centres, entertainment facilities, mosques, schools, hospitals, clubs and green spaces. The residential area will be able to accommodate 500,000 people.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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