DP World, Suez Canal set up joint development company

DP World, a leading enabler of global trade, announced on 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 calibre of its logistics facilities and its strategic location. 

Egypt's President Abdel-Fattah El-Sisi has agreed to the establishment of a joint development company between the General Authority for the Suez Canal Economic Zone and Dubai Ports to execute development projects in the Suez Canal area.

He stressed that the Egyptian government will work on facilitating the completion of these projects as soon as possible.

President El-Sisi met on Wednesday with the Adm. Mohab Mameesh, Chairman of the Suez Canal Authority, and Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World.

He praised the co-operation between the Egyptian government and DP World, expressing appreciation for the relations between Egypt and the United Arab Emirates.

He welcomed the co-operation with DP World and its plans to expand its operations in Egypt as part of its significant role in stimulating global trade growth and the development of the international port industry.

Bin Sulayem briefed the President about DP World's current business activities, including operating Ain Al Sokhna Port in Egypt and 78 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.