A Memorandum of Understanding (MoU) agreed by DP World, Egypt’s Holding Company for Maritime and Land Transport and the Suez Canal Authority is aiming to develop a new Inland Container Depot (ICD) in Egypt’s 6th of October City, a satellite town in the Giza Governorate and part of the urban area of Cairo.
The three partners will bid for the government contract for the project later this year. The proposed ICD will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point. Under the MoU, DP World will lead and represent the alliance in the bidding process and become the ICD operator if the tender is won.
The MoU was signed by Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO; Admiral Mohab Mamish, Chairman of the Suez Canal Economic Zone; and Rear Admiral Mohamed Ahmad Ibrahim Youssef, Chairman of the Holding Company of Maritime and Land Transport.
DP World signed a partnership agreement with SCZone last year to develop an integrated Special Economic Zone (SEZ) in Ain Sokhna, in Egypt. It stated that a developmental company would be established with SCZone holding 51% of its shares and DP World holding the remaining 49%.
Aligned with Egyptian government’s strategy to develop the Suez Canal passage and the new administrative capital, the SEZ aims to establish a flagship sustainable industrial zone that will attract foreign investment. It will also create a legacy for future generations supporting the growth of small and medium businesses, while creating jobs for Egyptian youth, which will reflect positively on the country’s GDP, encourage economic growth and prosperity for its people. (Source: DP World)