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.