Egypt registers first-half primary surplus of EGP 3.2 billion    ITFC approves $2.6 billion financing for Egypt    Hitachi to connect Gulf of Suez wind farm with Egypt national power grid    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt, ports operator DP World agree to allocate industrial land in Suez Canal
Published in Amwal Al Ghad on 20 - 11 - 2019

Dubai port operator DP World has agreed with Egypt's Suez Canal Economic Zone (SCZone) on the allocation of an industrial land plot of land in the canal area
In a press conference celebrating the company's ten years of operations in Egypt, DP World's Middle East & Africa CEO and Managing Director Suhail Al Banna said that a main development company will be built in the area, 51 percent of which will be owned by the zone and 49 percent by DP.
He said the agreement has been referred to technical experts for a financial assessment of the area in terms of infrastructure and the best engineering implementation methods.
Technical studies are expected to be finalised before the end of the year, he said.
He added that Egypt's industry and trade activities have encouraged DP to invest in the country and to contribute to its economic growth.
Egypt has been pushing forward with efforts to lure investors to its SCZone in recent years, highlighting the available opportunities for foreign corporations.
Earlier this year, Egypt and Russia agreed to establish a company to operate and administer an anticipated $7 billion Russian industrial zone east of Port Said.
The Russian industrial zone is set to be established over three phases on a 5.25 million square-metre plot of land, with the first phase to cost $190 million.
DP World also said it will finalise an expansion project at the Red Sea port of Ain Sokhna, with investments of $520 million by the second quarter of 2020, Reuters reported.
Forty percent of the investments to establish the second terminal at the port are bank-financed, while the rest is self-financed.
The second terminal should double the port's capacity to 1.75 million containers annually, from a current 970,000.
The expansion would make Sokhna the only port in Egypt able to handle the world's biggest container ships.
The port received 655,000 containers in 2018, with DP's Al Banna forecasting a 7 percent increase in 2019, and a 10 percent rise in 2020.
Total investments by the ports operator would total $1.6 billion following the expansion plan, he said.
Source: Ahram Online

Clic here to read the story from its source.