Thursday 31 Oct
Prime Minister Dr. Moustafa Madbouly witnessed the signing of a memorandum of understanding (MoU) on Wednesday at the government headquarters in the New Administrative Capital. The MoU outlines a partnership between the New Administrative Capital Company for Urban Development and Dubai Ports World, with the support of the General Authority for Investment and Free Zones.
Khaled Abbas, the Chairman and
Managing Director of the New Administrative Capital for Urban Development
Company, stated that the partnership aims to study the development of a
500-acre public free zone within the New Administrative Capital's designated
urban development area. This prime location, situated along the Cairo-Ain
Sokhna road, offers 1,958 acres of land suitable for industrial infrastructure.
This aligns with the company's vision of creating a diversified, sophisticated
industrial city, attracting various industries and contributing to the economic
growth of Egypt.
The Chairman added that Dubai Ports World will develop the project as a general free zone, in coordination with the General Authority for Investment and Free Zones. The primary targeted industrial sectors for the zone include electronics, automobiles, fast-moving consumer goods, clothing, and footwear.
He affirmed that Dubai Ports
World will leverage its global network of clients to attract significant
investment and trade to the free zone project.
Hossam Heiba, CEO of the General
Authority for Investment and Free Zones, explained that the project aims to
attract more investments in manufacturing, trade, and logistics to the New
Administrative Capital. He added that businesses established in the zone will
enjoy various tax and customs benefits granted by law to general free zones.
Heiba emphasized that the zone's
strategic location, near Egyptian ports on the Red Sea (like Ain Sokhna) and
Mediterranean Sea, will facilitate easy transportation of goods, especially
with the Ain Sokhna-Dokhla logistics corridor.
The CEO of the General Authority
for Investment and Free Zones added that companies establishing their projects
in the zone will benefit from Egypt's position as a gateway to the European
Union, Arab region, and the rapidly growing African market.
Meanwhile, Avnash Iyer, Chief
Operating Officer for Terminals and Ports and Regional Director of DP World -
Egypt, stated that DP World is a global leader in end-to-end supply chain
solutions. The company offers innovative, fast, efficient, and reliable solutions
for the entire supply chain through its extensive network of 295 business units
in 78 countries across six continents.
Iyer explained that DP World provides integrated supply chain solutions through a network of ports, economic zones, and logistics services. He highlighted the company's operations in Egypt, including the management of Ain Sokhna Port and the development of an 84-acre logistics complex in the same area.
