Egypt’s Suez Canal Economic Zone Authority (SCZone) and Dubai-based ports operator DP World have signed an agreement to implement the first phase of the development of an integrated industrial and residential zone in Sokhna city.
The framework agreement establishes a clear timetable of actions required to execute the first phase of the project, a DP World statement said.
The first phase of the project entails the development of 30 square kilometres of the planned 75 square-kilometre zone.
In November last year, SCZone and DP World established a joint venture for the project. SCZone owns 51 per cent of the joint venture, with the rest owned by DP World, which will also manage the zone.
The project is in line with the Egyptian government’s plan to develop the Suez Canal corridor and the new administrative capital by attracting foreign direct investment.
It is expected to promote the development of “small and medium-sized enterprises (SMEs), create job opportunities and provide training for young Egyptians.”
The industrial zone will target medical, electronics and communications, construction materials, logistics, textiles, automotive parts, food processing, energy production components and petrochemicals, the statement said.
The residential section of the zone will span 20 square kilometres and will include coastal villas, residential units, shopping and administrative centres, entertainment facilities, mosques, schools, hospitals and green spaces. It is expected to host up to 500,000 residents upon completion.
The project is part of the Sokhna Port’s long-term expansion plan, which involves the establishment of an integrated logistics area and a general cargo terminal.
MEED understands 14 global shipping lines including CGM-SMA, APL, Maersk and Cosco call at the port.
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