Global ports operator DP World has launched a new distribution centre in Egypt that is expected to streamline logistical operations in the Arab world's most populous nation.
The hub at the company's Sokhna Logistics Park in Suez Governate is aimed at helping Egypt become a global trade centre, Dubai-based DP World said on Wednesday.
The hub has already attracted international customers, including a Kenya-based tea exporter and a German multinational specialising in fibre-optic cables and digital infrastructure solutions, DP World added.
The centre is part of its efforts to help boost the Egyptian economy and attract more foreign investment in the North African country, DP World chairman Essa Kazim said.
“Egypt has been one of our most important investment destinations in the region and today we reaffirm our confidence in its potential,” he said.
DP World, which has been expanding globally, has been focusing heavily on Egypt. It has invested more than $1.4 billion in integrated logistics infrastructure, including the expansion and modernisation of Sokhna Port, the development of Sokhna Logistics Park and a new cold-chain facility currently under development.
Combined with DP World's freight forwarding, contract logistics and supply chain services, this integrated network enables businesses to improve efficiency, reduce costs, strengthen export competitiveness, and access regional and global markets, it said.
DP World reported record annual financial results last year, with revenue up 22 per cent at $24.4 billion and profit jumping by nearly a third to $1.96 billion.
In the first four months of this year, it attracted $232.5 million in investment, with nearly half coming during the Iran war, in a sign of investor confidence.
In February, the company appointed Essa Kazim as chairman and Yuvraj Narayan as group chief executive, replacing long-serving top executive Sultan bin Sulayem, who had previously held both roles.
