A joint venture between Egypt & UAE for developing the economic zone on the Red Sea

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On Thursday, September 21st,  Admiral Mohab Mameesh, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone), signed an initial agreement with Chairman and CEO of Dubai World Ports Sultan Ahmed Bin Sulayem for establishing a
joint venture company for developing the economic zone on the red sea.  Mamesh will be heading to Dubai this week to discuss the new project with Dubai World Ports, research indicates that the new project will act as an extension to Jebel Ali. Mamesh noted that the final agreement will be signed after finishing all business arrangements.

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. The State Information Service noted that the partnership includes the development of a 95 square-kilometer space in the Ain Sokhna area for establishing a 75 square-kilometer industrial zone that will contain several industries, in the field of small and medium-sized enterprises, logistics, construction materials, food industries, textiles, electronics, telecommunications, auto spare parts and petrochemicals in addition to building a medical city, as well as, building a residential area of 20 square kilometers, that can accommodate 650.000 people.
Furthermore, the Egyptian and Emirati partnership also intends to upgrade Ain Sokhna port on an area of 22 square kilometers, which in turn could secure 500.000 direct job opportunities inside the SCZone.  The partnership was first announced in August following talks between Egyptian President Abdel-Fattah Al-Sisi, CEO of DP World Sultan Ahmed Bin Sulayen and Mamish. The partnership is set to be 51 percent for the Suez Canal Authority and 49 percent for Dubai Ports Group and the contract stipulates that 90 percent of the workforce should be Egyptian.

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