Dubai and Egypt establish a joint development company in the Suez Canal Zone
DP World, a leading enabler of global trade, announced Wednesday 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 the caliber of its logistics facilities and its strategic location, announced Dubai Media Office.
The announcement of the joint company came during Egyptian President Abdel-Fattah El-Sisi's meeting today with DP World Chairman and CEO, Sultan Ahmed bin Sulayem, and the Chairman of the Suez Canal Authority, Mohab Mamish.
During the meeting, President El-Sisi approved plans for establishing the joint development company and affirmed his government’s support for the company to commence its projects. The President also welcomed the cooperation with DP World Group and its integrated investment plan in Egypt.
Bin Sulayem briefed the President 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 6 continents.
The DP World Chairman and CEO stressed the group’s keenness on executing a comprehensive investment plan in Egypt during the coming period to contribute to the sustainable growth of the county. He also expressed pride in Egypt’s ability to complete the new Suez Canal project in record time and secure the project’s financing within a week through local resources.
DP World is looking to enhance its business in Egypt through projects in the Suez Canal Economic Zone, including establishing a dedicated industrial, trade 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.
The Egyptian President also expressed his appreciation for UAE and its leadership, praising their continued support for the benefit of the Egyptian people.