Sultan Ahmed Bin Sulayem, group chairman and CEO of Dubai Ports World, and Admiral Mohab Mamish, chairman of the Suez Canal Authority and the Suez Canal Economic Zone (SCZ), have presented details of the recent agreement to develop an integrated industrial and residential zone in Sokhna.
The Sokhna World Zone will create a sustainable industrial area to attract foreign investment and will feature a range of investment incentives that encourage innovation by using the best international practices in the management of Special Economic Zones (SEZ), based on DP World’s global experience.
Due to start in the first quarter of 2018, the project will also aim to promote the development of Small and Medium-sized Enterprises (SMEs), to create job opportunities and provide training for young Egyptians. A joint venture will be created between the SCZ (51%) and DP World (49%) with DP World managing the zone. Sultan Ahmed Bin Sulayem said: “The Sokhna World Zone will be a major opportunity for businesses here in Dubai and elsewhere to launch regional operations or expand their presence. The partnership with the Suez Canal Economic Zone and the Egyptian government reflects the strong relationship between our countries and it will become a foundation of the Egyptian economy for decades to come. It will transform the Suez Canal and establish a trade and business hub, changing the lives of thousands and the lives of future generations.
“Our success in creating the Jafza Dubai Jebel Ali Freezone, which now has over 7300 companies, and its close proximity to Jebel Ali Port is a model we are applying in other locations around the world.
This project will be 1.5 times bigger than Jafza and will enable access to the Egyptian market and the region as well as complementing what we have achieved here in diversifying the Dubai and UAE economy.”
The Sokhna World Zone will cover 95 square kilometres with an estimated 400,000 jobs and will include industrial and residential areas coupled with the development of DP World’s operations at Sokhna Port, increasing its capacity and linking it to the industrial zone.
Business sectors include light and medium-sized industries, logistics, and service utilities. Targeted industries include medical, communications, construction materials, logistics, textiles, automotive parts, food processing, energy production components and petrochemicals.
Admiral Mohab Mamish said: “The support of His Excellency Abdel Fattah El-Sisi, President of Egypt, and the role of the Egyptian government in removing barriers to investment and having the foresight and vision to create this project is a shining example of the commitment to grow Egypt’s economy in a sustainable manner for the long term, creating jobs and communities for families over the course of this century.
“We are delighted to partner with Dubai and DP World in launching the project building on our joint expertise. I truly believe investors and companies who commit to the Sokhna Economic Zone will reap the benefits for years to come by planting seeds now for the long term. Its proximity to a major artery of global trade and the size of the markets in the region all point to a great opportunity for business.
We look forward to developing the master plan and communicating further details of this game-changing project over the next few months.”
A residential zone spanning 20 square kilometres will include coastal villas, residential units, shopping and administrative centres, entertainment facilities, mosques, schools, hospitals, clubs and green spaces.
The residential area will be able to accommodate 500,000 people.
