UAE firm denies signing any agreement but says it is in talks with Cairo-based firm
- Aramex in talks for Egypt projects
- It is understood the projects will be in the SCZone area
The UAEs Aramex is currently in talks with Cairo-based Orascom Telecom Media and Technology Holding for the development of a number of logistics projects in Egypt.
Aramex released a statement on the Dubai Financial Market (DFM) saying that it is currently in talks with the Egyptian firm to develop five logistics areas across Egypt. The statement added that no agreement has been signed between the two parties.
It is understood that the proposed developments will be in the new Suez Canal Zone.
Egypt is currently planning to develop an industrial and logistics zone surrounding the main ports of the Suez Canal. Although Egypts government has recently approved a draft decree establishing the General Authority of the Economic Zone of the Suez Canal (GAESC), changing the area into an economic authority, allowing the SCZone to act as a single window able to deal with investors directly. The fear is that contract awards for infrastructure and utility work in the surrounding areas will be implemented using the same method.