Dubai: DP World, the Nasdaq Dubai-listed ports operator, announced the establishment of a joint development company with the General Authority for the Suez Canal Economic Zone in Egypt.
The new venture will develop projects in the Suez Canal Zone, one of the most promising trade zones given its logistics facilities and its location, DP World said in a statement.
The announcement of the joint company came during Egyptian President Abdul Fattah Al Sissi’s meeting with Sultan Bin Sulayem, DP World’s chairman and chief executive officer; and Mohab Mamish, the chairman of the Suez Canal Authority.
During the meeting, Al Sissi approved plans for establishing the joint development company and affirmed his government’s support for the company to commence its projects.
Bin Sulayem briefed Al Sissi about DP World’s current business activities, including operating Ain Al Sokhna Port in Egypt and 77 other marine and inland terminals in 40 countries across six continents.
Bin Sulayem stressed DP World’s keenness on executing an investment plan in Egypt during the coming period to contribute to sustainable growth.
DP World said in its statement it is looking to enhance its business in Egypt through projects in the Suez Canal Economic Zone, including establishing a dedicated industrial, trade and logistics district.
The new district will feature all the required services and facilities in addition to residential and entertainment spaces. This project is in line with the Egyptian Government’s commitment to creating a business-friendly environment in the country.
