SCZone, DP World Sokhna partner up for new logistics service zone
A new logistics zone in Sokhna: The Suez Canal Economic Zone’s (SCZone) Main Development Company (MDC) and DP World Sokhna have signed an agreement to build a USD 80 mn logistics zone at Sokhna Port, a statement by the SCZone read.
The details: Construction on the first phase of the zone will kick off in the coming months, which will cost USD 50 mn to build and is set to be operational by the end of 2023, the statement read. The zone will create 600 jobs.
BACKGROUND: DP World said last year it would invest USD 25-35 mn in improving logistics services and upping capacity at the Ain Sokhna seaport over a 2-3 year period, days after it completed a multi-mn USD expansion of the Red Sea port. The Emirati port giant has been investing in our ports alongside the UK government’s development finance arm, as part of the pair’s USD 1.7 bn platform to invest in African ports and logistics infrastructure.
IN OTHER INVESTMENT NEWS-
- Elaraby Group will start operations at a new plant in Nigeria by the end of 2023, a company representative confirmed to Enterprise, without disclosing the cost of the project or what the factory will produce. The company also plans to build an industrial complex in Quesna, Menoufia.
- Iraqi edtech platform Eduba plans to invest USD 500k in Egypt in 2023, marking the first direct investment by Baghdad in Egypt’s IT sector. (Al Mal)
- Saudi software company Arab Sea Information Systems will open a new office in Egypt after its board greenlit the move. (Disclosure)