DUBAI: DP World has entered into a joint venture with the General Authority for the Suez Canal Economic Zone in Egypt to develop projects in the free zone and trade hub of the newly-expanded canal.
DP World plans to establish a dedicated industrial and trade logistics district within the free zone, and will incorporate services and facilities alongside spaces for residence and entertainment.
The joint venture announcement came after Egyptian President Abdel Fattah El-Sisi and Mohab Mamish, the Chairman of the Suez Canal Authority, met with Sultan Ahmed bin Sulayem, the DP World Chairman and chief executive, on Wednesday.
During the meeting, El-Sisi approved the plans for the joint development company and also affirmed Egypt’s support for the immediate start of DP World’s plans for the industrial and trade logistics district.
The world’s fourth largest terminal operator already has a presence in Egypt through the Ain Al Sokhna Port, which is one of the 78 terminals it operates in 40 countries.
DP World last month signed an agreement with the Indonesian government to provide advice on the development of the Kuala Tanjung greenfield port and logistics zone and the Belawan port located in North Sumatra.
The Dubai port operator will review Belawan port operations to help shore up efficiencies while looking for ways to reduce costs in building the new Kuala Tanjung port and logistics zone, DP World said.