DP World, the fourth largest port operator globally, said it will put SMEs at the heart of its new industrial and residential zone in Egypt's Sokhna, overlooking the Red Sea's Gulf of Suez, due to begin construction in early 2018.
The port operator, which is developing the Sokhna World Zone project in conjunction with Egypt's Suez Canal Economic Zone (SCZone), said on Sunday that the new development would also "create job opportunities and provide training for young Egyptians, adding value to the economy."
The development, announced by DPWorld and SCZone earlier this month, will cover 95 square kilometeres, and is also seeking to attract light and medium-sized industries, logistics, and service utilities. A residential zone spanning 20 square kilometres will be able to accommodate 500,000 people.
DP World group chairman Sultan Ahmed Bin Sulayem and Admiral Mohab Mamish, the chairman of SCZone, presented further details of the World Zone project – 49 per cent owned by DP World and 51 per cent by SCZone to investors and businesses in Dubai on Sunday.
"Sokhna World Zone will be a major opportunity for businesses here in Dubai and elsewhere to launch regional operations or expand their presence," said Mr bin Sulayemn.
"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, changing the lives of thousands and those of future generations.
DP World signed last month an agreement with Egypt's Red Sea Ports Authority to double the capacity of port it manages in Sokhna, which is adjacent to the new specialized economic zone. The Dubai-based ports operator will also sign a new 35-year concession agreement for managing the Sokhna port that will replace the original one struck in 2007 after the completion of the expansion project.
