ACUD, DP World, And GAFI Sign Mou To Develop Free Zone In New Capital

(MENAFN- Daily News Egypt) Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding (MoU) to assess the development of a public free zone within lands allocated to Administrative Capital for Urban Development (ACUD). The MoU was signed between ACUD, DP World, and the General Authority for investment and Free Zones (GAFI) in the presence of Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of industry and Transport.

The MoU was signed by Khaled Abbas, Chairperson and Managing Director of ACUD; Hossam Heiba, CEO of GAFI; and Avnash Ayar, Head of Operations and Regional Director for DP World in Egypt.

Khaled Abbas noted that under the MoU, an initial agreement was reached to explore developing a free zone over approximately 500 acres within New Administrative Capital lands. The company's strategic location offers an attractive industrial infrastructure spanning 1,958 acres along the Cairo-Ain Sokhna Road.

He further explained that technical and economic feasibility studies will commence shortly to pave the way for formal contract signing and the official launch of the public free zone. Abbas emphasized that the MoU aligns with the New Administrative Capital Company's vision to create diverse economic hubs, maximize land use, and establish a cutting-edge industrial city within Egypt's fourth-generation cities.

The project is slated for development by DP World as a public free zone in coordination with GAFI. The primary targeted industries for the zone include electronics, automotive, consumer goods, apparel, and footwear. DP World will leverage its global client network to attract investment and trade to the free zone project.

Heiba highlighted that the establishment of a public free zone within the New Administrative Capital's land aims to attract further investment in manufacturing, trade, and logistics. The zone's projects will benefit from the tax and customs advantages provided by Egyptian law for public free zones, which will bolster export capacity. Given its prime location, the zone will benefit from proximity to several key Egyptian ports on both the Red Sea and Mediterranean, including Ain Sokhna Port, and from streamlined logistics provided by the Sokhna-Dekheila Corridor.

Heiba further stated that companies operating in the zone-whether in industrial, commercial, or logistical sectors-will capitalize on Egypt's strategic position as an export gateway to various global markets, including the European Union, the Arab region, and the African continent, which represents a vast and rapidly growing market for diverse goods.

Ayar described DP World as a global leader in integrated supply chain solutions, delivering innovation, speed, efficiency, and reliability through a network of 295 business units in 78 countries across six continents. Ayar added that DP World enhances supply chain solutions through its extensive network of ports, economic zones, and logistics services and currently operates Ain Sokhna Port. The company is also developing an 84-acre logistics complex in Ain Sokhna.

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