Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive, DP World, and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), recently met with Dubai-based investors to present them with details of the recent agreement to develop an integrated industrial and residential zone at Sokhna in Egypt.
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).
Sokhna World Zone is designed to create a sustainable industrial area to attract foreign investment and will feature a range of investment incentives and encourage innovation using 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 project, which will also promote the development of Small and Medium-sized Enterprises (SMEs), is due to start in the first quarter of 2018. A joint venture will be created between SCZone (51%) and DP World (49%) with DP World managing the zone.
Sultan Ahmed 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.”