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AD Ports Group and the General Authority for Suez Canal Economic Zone (SCZONE) have signed a key agreement, to develop and operate a 20 km2 industrial and logistics park near the Egyptian coastal city of Port Said.
The East Port Said Industrial Zone is expected to provide an opportunity to turn the Mediterranean Sea location into an important hub for international trade and investments, serving the East-West trade routes, right at the entrance of the Suez Canal.
Under the terms of the agreement, AD Ports Group will develop, construct, finance, operate and manage the industrial and logistics zone in phases, with a focus on Phase 1 to start with. This will cover an area of around 2.8 km2 and an estimated total investment of $120 million will be allocated to market and technical studies as well as to Phase 1 development over the next three years. Construction work is expected to start by the end of this year.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “KEZAD East Port Said is a milestone that highlights the strong economic relations between the UAE and Egypt. This infrastructure investment will provide a long-term source of economic growth for Egypt, while enhancing the Suez Canal’s role in promoting and supporting the East-West trade corridor.”
