AD Ports Group, and the General Authority for Suez Canal Economic Zone (SCZONE), has signed a 50-year renewable usufruct agreement, to develop and operate East Port Said Industrial Zone, a 20 square kilometers 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 Zone was signed by Ahmed Al Mutawa, Regional CEO of AD Ports Group, and Admiral Mohamed Ahmed Mahmoud, Vice Chairman of SCZONE for the Northern area.
AD Ports Group will develop, construct, finance, operate, and manage the East Port Said Industrial Zone in phases, with a focus on phase 1, which is expected to start by the end of this year, is an area covering a total of 2.8 square kilometers.
An estimated total investment of $120 million will be allocated to market and technical studies as well as to phase 1 development over the next three years.
The Phase 1 of the East Port Said Industrial Zone will be anchored by key potential clients and partners, including one of the region’s foremost construction and development groups, Hassan Allam Holding.
Mohamed Juma Al Shamisi MD & Group CEO AD Ports
“KEZAD East Port Said Industrial Zone is a milestone that highlights the strong economic relations between the UAE and Egypt. This strategic cooperation is another sign of our Group’s growing focus on Egypt, where we continue to enhance and develop our integrated trade, transport, and industrial ecosystem. This infrastructure investment will provide a long-term source of economic growth for Egypt, while enhancing the Suez Canal role in promoting and supporting the East-West trade corridor.”
Waleid Gamal El Dien, Chairman of the Suez Canal Economic Zone, said that, “The launch of this project in the East Port Said Industrial Zone represents an important strategic step that reaffirms the depth of the strong fraternal relations and the growing strategic partnership between the Egypt and the UAE, as well as the prominent position held by SCZONE as a pivotal global trade hub for industrial and logistics activities.”
“This project enhances SCZONE’s ongoing efforts to support global supply chains by providing a competitive and integrated investment environment, underpinned by advanced infrastructure, and a unique geographic location, connecting three continents via one of the world’s most vital maritime routes,” Gamal El Dien added.
In addition, AD Ports Group and Hassan Allam Holding, which is one of the Group’s development partners in Egypt, signed a memorandum of understanding (MoU) to develop and invest in the industrial zone and explore other projects.
