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Wednesday, 8 November 2017

Suez Canal Authority signs six MoUs for projects worth a combined USD 40 mn at WYF

INVESTMENT WATCH- The Suez Canal Authority signed six MoUs for projects worth a combined USD 40 bn at the World Economic Youth Forum yesterday, Youm7 reports. DP World is expected develop USD 5.6 bn in infrastructure over a 96k sqm area in Ain Sokhna, sources tell Al Mal. The port operator had signed a preliminary agreement with Suez Canal Economic Zone (SCZone) chief Mohab Mamish last month to establish a joint venture to develop and manage an industrial zone in Ain Sokhna that could serve a range of industries including construction, textiles, and SMEs. DP World Group Chairman and CEO Sultan bin Sulayem said the company plans to attract 10 firms to the area, promising more announcements on new industrial zones over the coming three months.

China’s COSCO Shipping also inked a USD 30 mn agreement with the SCZone to build a 130k sqm logistics park in the TEDA Industrial Zone in Ain Sokhna, Xinhua reports. The project, which TEDA Executive General Manager of China-Africa Wei Janqing said will be the first bonded logistics park in any of Egypt’s special economic zones, will include storage yards and bonded and non-bonded warehouses. No details were provided on the expected timeline of the project, the initial phase of which is expected to create some 300 jobs.

Polaris Al Zamil, ARDIC and the Industrial Construction & Engineering Company (SIAC) will develop a 5.5 mn sqm business park in Ain Sokhna, Al Borsa reports. Polaris Parks had announced last month it was conducting the technical and feasibility studies for the project, which aims to attract USD 3.5 bn in investments to the area over 15 years. The land was allocated on a right-to-use basis for 50 years.

Egyptian Steel and an arm of Samcrete have also signed for land. The steel manufacturer will develop a coal storage facility on a 100k sqm plot in Ain Sokhna, while Samcrete was expected to receive a 4 mn sqm plot in East Port Said, Managing Director Sameh Attia had previously said.

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