Dubai's state-owned ports giant DP World will start construction of its $80 million port-centric logistics services zone at Ain Sokhna.

A company press statement quoted Group Chairman and CEO Sultan Ahmed bin Sulayem as saying that the construction of 300,000-square metre port-centric logistics services zone at the Port of Ain Sokhna will commence this month [November 2023] with the first phase expected to be completed by the end of 2024.

The zone, which will be integrated with DP World's existing multipurpose terminal at Ain Sokhna Port, will cater to logistics, trading, distribution and value-added activities, the statement said.

Addressing Egypt’s Prime Minister Mustafa Madbouly, Minister of Transport, Kamel Al-Wazir, and other senior government officials at the TransMEA 2023 event in Cairo earlier this month, Ahmed bin Sulayem praised the steps taken by the Egyptian government to develop the infrastructure, while improving investment procedures, particularly for transport and logistics, to capitalise on the country's position as a major gateway to the African continent.

"DP World is committed to playing its role in achieving these goals through the expansion of our projects and businesses in Egypt. Our investments in Sokhna have reached $1.3 billion to date, and we are working to expand our services and logistics to further support the Egyptian economy,” he said.

DP World operates ports, terminals, economic zones and logistics centers across more than 73 countries on six continents.

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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