AD Ports Group and the General Authority for Suez Canal Economic Zone (SCZONE) recently signed a 50-year renewable usufruct agreement, to develop and operate a 20sqkm industrial and logistics park near the Egyptian coastal city of Port Said on the Mediterranean Sea.
The East Port Said Industrial Zone provides an opportunity to turn a unique location on the Mediterranean Sea into a key hub for international trade and investments serving the East-West trade routes, right at the entrance of the Suez Canal.
The agreement to develop KEZAD East Port Said Industrial and Logistics Zone was signed in Cairo, and witnessed by Egyptian Prime Minister, Dr. Mostafa Madbouly, in the presence of Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology; Mohamed Hassan Alsuwaidi, UAE Minister of Investment; Lt. Gen. Kamel Al Wazir, Deputy Prime Minister for Industrial Affairs and Egyptian Minister of Industry and Transport; Mariam Al Kaabi, Ambassador of the UAE to Egypt; Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group and Waleid Gamal El-Dien, Chairman, SCZONE.
The agreement was signed by Ahmed Al Mutawa, Regional CEO, AD Ports Group, and Admiral Mohamed Ahmed Mahmoud, Vice Chairman, SCZONE for the Northern area.
Comprehensive deal
AD Ports Group will develop, construct, finance, operate, and manage the industrial and logistics zone in phases, with a focus on phase 1 to start with, an area covering a total of 2.8sqkm.
An estimated total investment of US$ 120mn will be allocated to market and technical studies as well as to phase 1 development over the next three years. Construction on the initial 2.8sqkm Phase 1 is expected to start by the end of this year.
The development of Phase 1 will be anchored by key potential clients and partners, including one of the region’s foremost construction and development groups, Hassan Allam Holding.
“This project enhances SCZONE’s ongoing efforts to support global supply chains by providing a competitive and integrated investment environment, connecting three continents via one of the world’s most vital maritime routes,” stated El Dien.
“KEZAD East Port Said is being built to attract investments, promote industrial and logistics growth, create jobs, increase exports, develop skills, and facilitate technological transfer,” commented Al Mutawa.
