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Thursday, 9 November 2017

DP World releases details of agreement with SCZone to develop industrial and residential zone in Ain Sokhna

INVESTMENT WATCH- Port operator and logistics services provider DP World announced yesterday (pdf) the details of its agreement with the Suez Canal Economic Zone (SCZone), which will see it “develop an integrated industrial and residential zone” in Ain Sokhna. The agreement, which was signed on the sidelines of the World Youth Forum in Sharm El Sheikh, will see the two parties establish a joint venture that will be 51% owned by the SCZone, with DP World holding the balance. The new JV should begin operations by 1Q2018 and look towards attracting foreign investment to the 95k sqm zone, offering “a range of investment incentives.”

Priority sectors: Look for auto parts, food processing, petrochemicals, electronics, building materials, textiles, and medical equipment to be the stars of the show. The zone will also cater to SMEs and offer logistics services through the Ain Sokhna Port, which is also set to see an inflow of investment under the agreement.

The residential side of the project, which is expected to house around 500,000 people, will feature seaside villas and smaller residential units. Built over a 20k sqm stretch, the area will also include shopping and administrative centers, schools, hospitals, entertainment facilities, and sporting clubs.

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