DP World eyes investment in 10th of Ramadan port in Egypt
UAE ports operator DP World reportedly expressed its interest to invest in a port in 10th of Ramadan city.
Sultan Ahmed Bin Sulayem, the group Chairman and CEO, said that his company seeks to establish a transport model that will be connected to the Ain Sokhna port, which DP runs.
The area available for investment in the port area amounts to 250 feddans, close to the Cairo-Ismailia desert road.
The project is planned to include a logistics center in addition to the port.
Sulayem’s comments came during a meeting with Transport Minister Hisham Arafat and Mohab Mamish, Head of the Suez Canal Economic Zone.
In November, DP World signed a partnership agreement with the Suez Canal Economic Zone Authority to develop an integrated industrial and residential zone in the Red Sea resort of Ain Sokhna.
The project is set to start in the first quarter of 2018. The signing ceremony included seven contracts for projects with $40 billion in investments.
In August, President Abdel Fatah al-Sisi agreed to the establishment of a joint development company between the General Authority for the Suez Canal Economic Zone and DP to execute development projects in the Suez Canal area.
Source: Egypt Today