Back to the complete issue
Wednesday, 28 February 2018

DP World, SCZone launch Phase 1 development of Ain Sokhna multi-use zone

DP World, SCZone launch phase one of Ain Sokhna multi-use zone: DP World and the Suez Canal Economic Zone (SCZone) signed contracts to start development work on the 30 sq km first phrase of their integrated industrial and residential zone in Ain Sokhna, according to a joint statement (pdf). They plan to begin signing contracts with companies to begin operating out of the zone in March, SCZone Chairman Mohab Mamish said. “We are pleased to move ahead with the development of this promising new project, which has the potential to substantially increase foreign investment into Egypt’s economy,” said DP World Chairman and CEO Sultan Ahmed bin Sulayem at the signing yesterday.

What is it? The 75k sqm zone will be managed by DP World, which holds a 49% stake in the project. It will also include a 20,000 sqm residential development. The agreement for the project was signed during November’s World Youth Conference.

What industries are being targeted? Phase one will prioritize auto parts, food processing, petrochemicals, electronics, building materials, textiles, and medical equipment projects, Mamish added.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.