Suez Canal Economic Zone Authority and DP World sign agreement for development of economic zone in Sokhna, Egypt
Admiral Mohab Mamish, Chairman of the Suez Canal Authority and Chairman of the Suez Canal Economic Zone (SCZone), and Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, today signed a partnership agreement to develop an integrated industrial and residential zone at Sokhna in Egypt, in the presence of Sherif Ismail , the Prime Minister of Egypt.
The signing took place at a ceremony in Sharm el - Sheikh at the World Youth Forum. The agreement will establish a joint venture between SCZone (51%) and DP World (49%) with DP World managing the zone, which is projected to start in the first quarter of 2018.
In line with the Egyptian government ’s plans to develop the Suez Canal Corridor and the new administrative capital, the development will aim to create a sustainable industrial zone to attract foreign investment. It 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 logis tic hubs based on DP World’s global experience.
The project will also promote the development of Small and Medium - sized Enterprises (SMEs), create job opportunities and provide training for young Egyptian s adding value to the economy.
SEZ Key facts :
• It will cover 95 square kilometres and include industrial and residential areas coupled with the development of Sokhna Port, increasing its capacity and li nking it to the industrial zone
• M ore than 400,000 jobs estimated to be created
• Business sectors include light and medium - sized industries, logistics, and service utilities. Targeted industries include medical, electronics and communications , construction materials, logistics, textile s , auto motive parts, food processing , energy production components and petrochemicals
• A residential zone spanning 20 square kilometres will include co a stal villas, residential units, shopping and administrative c enters, entertainment facilities, mosques, schools, hospitals, clubs and green spaces
• The residential area will be able to accommodate 500,000 people.