The decision of establishing Damietta's Logistics Centre for Trade project may wait for the approval of Egypt's new parliament, Supply Minister Khaled Hanafy said Thursday. Speaking to Amwal Al Ghad, Hanafy stated that the ministry is currently making necessary studies for the project. The formation of project's economic area will need founding comprehensive council to administrate the project. The global logistics centre aims at handling processing, and storing grain and food commodities. It will also create better administration of the grains and food supply chain, integrate the supply chain—including various logistical hubs such as ports, storage, internal transportation, processing and redistribution—as well as enhance the free flow of trade and reduce the operating cost to the internationally acceptable levels. The logistics centre will be located on 3,350 square kilometers of land in Damietta in the Delta area. It is expected to handle 65 million tonnes of grain and basic food commodities trade per year. It includes building storage silos and two new quays that will be able to receive large shipments at Damietta Port. Minister Hanafy clarified that project's economic area is the best way to encourage investors to invest in the project. The major investor in Damietta's Logistic Centre is the Emirati Al Swaidan Trading Company, Hanafy stated. During Egypt's March Economic Summit, supply ministry and UAE's Al Swaidan Trading Company have signed the deal under which the UAE group will put some two billion dollars into the grain storage center.
