DP World, the fourth largest ports operator globally, plans to develop an industrial and residential zone in Egypt’s Sokhna overlooking the Red Sea’s Gulf of Suez in partnership with the Suez Canal Economic Authority, the company said on Tuesday.
DP World didn’t disclose the cost of the project, in which it will hold a 49 per cent stake. Construction is expected to start in the first quarter of next year, but the ports operator didn't provide a time frame for completion. Spanning a 95 square kilometres area, the zone near the Suez Canal will include a residential zone stretching 20 square kilometers and housing 500,000 people when completed.
"The development of the zone will support the sustainable growth of the country and help it attract more business investment,” said Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World. “It will also help transform the Suez Canal into a major trade and business hub in the region, given its strategic location and role as an artery for global trade.”
The industrial area will feature light and medium-sized industries, logistics, and service utilities, targeting sectors that include medical, electronics and communications, construction materials, textiles, automotive parts, food processing, energy production components and petrochemicals. The project is expected to create more than 400,000 jobs.
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“The project includes a comprehensive economic zone in Sokhna including an industrial free zone and a number of development projects that will boost the national economy and create jobs for Egyptian youth,” said Mohab Mamish, chairman of the Suez Canal Authority and chairman of the Suez Canal Economic Zone. “This is an important step in Egypt’s industrial and economic growth journey, while taking advantage of the strategic location of the Suez Canal.”
DP World signed last month an agreement with Egypt’s Red Sea Ports Authority to double the capacity of port it manages in Sokhna, which is adjacent to the new specialized economic zone. The Dubai-based ports operator will also sign a new 35-year concession agreement for managing the Sokhna port that will replace the original one struck in 2007 after the completion of the expansion project.
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.
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RESULTS
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Results
2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly
3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi
4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar
4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer
5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer
Top 10 in the F1 drivers' standings
1. Sebastian Vettel, Ferrari 202 points
2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26