DP World has established a joint development company with the General Authority for the Suez Canal Economic Zone (SCZone) in Egypt.
The new venture will see the global terminal operator assist in developing projects in the SCZone, the main trade route between Europe and Asia, serving more than 8% of annual global trade.
In a meeting about the new venture, DP World Chairman and CEO, Sultan Ahmed bin Sulayem, briefed Egyptian President Abdel-Fattah El-Sisi and the Chairman of the Suez Canal Authority, Mohab Mamish (pictured below), on how the country will benefit through industrial, trade logistics projects.
The new district will feature residential and entertainment spaces and will be in line with the Egyptian Government’s commitment to creating a business-friendly environment in the country.
SCZone integrates Ain Sokhna Port and East Port Said Port and features two development areas in Qantara West and East Ismailia.
The four ports of West Port Said, Adabiya, Al Tor and Al Arish, are all waiting on expansions that will increase their maritime traffic capacities.
There are also plans to offer services such as ship building, stevedoring, bunkering, vessel scrapping, and recycling.
DP World handled 34 million TEU across its global portfolio of container terminals in the first half of 2017, building upon its first-quarter result of 16.4 million TEU.