DP World, Suez Canal Zone Set Up JV
- Business & Finance
Dubai-based port and terminal operator DP World has agreed with the General Authority of Suez Canal Zone to form a joint development company with an aim to develop the international port industry.
DP World said it would establish the company to implement a series of projects in the region, with the canal being one of the most promising areas in Egypt due to its logistical and strategic location.
This was revealed during the meeting between Abdel Fattah Al Sisi, the Egyptian President, Sultan Ahmed Bin Sulayem, Chairman of the Board of Directors and CEO of DP World Group and Mohab Mameesh, Chairman of the Suez Canal Authority held last week.
The president stressed that the Egyptian government will provide all aspects of support to start the projects as soon as possible.
During the meeting, Sultan Ahmed Bin Sulayem reviewed DP World’s activities in Egypt. Currently, the company manages Sokhna port and 77 marine and inland ports in 40 countries.
Sulayem expressed hopes that DP World would enhance its activities in Egypt and develop its investments in the economic zone through the establishment of an integrated industrial, logistic and commercial zone including all services and residential and recreational areas.
“Following the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai we are establishing this joint company in cooperation with the General Authority of Suez Canal Zone in support of the Egyptian economy. We will share our experience and best practices in the port industry field to support this project and enhance our strategic partnership with our Egyptian brethren,” Sulayem said.
Separately, Mohab Mameesh informed that the Suez Canal has witnessed the recovery in international trade traffic in 2017. The number of vessels from January to July 2017 stood at 9,745, an increase of 2.1 percent when compared to the same period last year.
In addition, the canal revenues during the period from January to June 2017 rose to USD 2.94 billion, compared to USD 2.92 billion seen in the same period last year.