Egypt inks initial agreement with DP World for SCZone project

CAIRO – 21 September 2017: Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) Mohab Mamesh signed an initial agreement with Chairman of DP World, Sultan Ahmed bin Sulayem, Thursday to establish an economic zone in the Red Sea resort of Ain Sokhna.

The final agreement will be signed after finishing all business procedures, Mamesh said in a statement.

Mamesh announced that he is visiting Dubai this week to discuss with DP World the new project in Ain Sokhna Port, which will act as an extension to Jebel Ali, and set a general framework for the agreement.

Mamesh will then present the project to Prime Minister Sherif Ismail for approval, followed by the presidency for ratification.

On August 9, President Abdel Fattah al-Sisi approved the establishment of a joint development company between the SCZone and the Dubai World Ports group known as DP World.

According to the deal, DP World will carry out the project in the Suez Canal area, while the Egyptian government will offer the facilitation necessary for the project's establishment.

Spreading over 95 kilometer square, the project will include an industrial complex, a residential area as well as developing Ain Sokhna port.

The targeted industries in this project include building materials, logistics, communications, textile, food, electronic, car spare parts, petrochemicals and medical industries.