DP World, Egypt set up joint venture company for Suez Canal development

DP World plans to establish a dedicated industrial and trade logistics district within the free zone with the Suez Canal free zone. (AP)
Updated 10 August 2017

DP World, Egypt set up joint venture company for Suez Canal development

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.


Saudi Aramco iktva forum kicks off in Dhahran

Updated 12 min 20 sec ago

Saudi Aramco iktva forum kicks off in Dhahran

  • Iktva has become one of the Kingdom’s most important and strategic programs focused on developing the energy sector and creating a world-class supply chain
  • The program aims to reach 70 percent local content, increase exports of Saudi-made energy goods and services, and create thousands of jobs

DHAHRAN: Saudi Aramco’s 5th annual iktva (In-Kingdom Total Value Add) forum kicked off on Monday at the Dhahran Expo center, with over 70 exhibitors, 14 government entities, and 8 international energy partners all present at the mega-event.

Iktva was launched by Saudi Aramco in 2015 to drive increased levels of localization in its supply chain. 

Amin Nasser, President and CEO of Aramco, highlighted the success of the event and how the forum has contributed to the kingdom’s reputation internationally and locally.

“The iktva Forum and Exhibition 2020 represents an ideal opportunity to continue to build on the enormous progress which has already been made in creating an integrated supply chain for the oil field service industry, serving not just the Kingdom but the entire region. As you know, we take great pride in our low-cost production, and our reputation for reliability. A first-class supply chain is a critical factor that makes both possible,” he said.

He also indicated that the success of the event could be seen in the numbers.

“For the first time, the majority of our procurement is from in-kingdom: 56 percent to be exact. Our suppliers have tripled their local purchases of goods and services, their employment of Saudis is up 50 percent, and female employment has increased by almost a third. Our suppliers are exporting 50 percent more from the kingdom, because of iktva,”

Aramco signed 66 initial agreements and strategic and commercial collaborations valued at more than $21 billion with international partner companies and entities from 11 countries in several industrial and business sectors across the Saudi Arabian energy sector.

In addition, a joint venture agreement with Baker Hughes was also signed. The joint venture will be a multi-sectorial non-metallic investment platform designed to innovate, develop and manufacture composite materials for both oil and gas as well as non-oil and gas applications.

The venture will leverage polymer materials and state-of-the-art manufacturing processes to deliver transformational non-metallic products, starting with reinforced thermoplastic pipes. The JV facility will be located at the King Salman Energy Park (SPARK), and will serve the MENA region. 

Launched in 2015, iktva has become one of the Kingdom’s most important and strategic programs focused on developing the energy sector and creating of a world-class supply chain. The program aims to reach 70 percent local content, increase exports of Saudi-made energy goods and services, and create thousands of technical and professional jobs and careers.