DP World nears opening of $80m logistics hub in Egypt

Global ports operator and logistics company DP World has completed nearly two-thirds of the work on the first phase of a $80 million logistics hub in Egypt’s Suez Canal Economic Zone.

The 300,000 sq m complex is due for completion in June. It aims to reduce logistics costs and strengthen connections between Egypt, the Middle East and Africa, state-run Wam news agency reported.

The facility, 10km from Sokhna Port on the western coast of the Gulf of Suez, will support industries such as agriculture, pharmaceuticals, retail, automotive and textiles. It will offer bonded and non-bonded warehouses, office space and open cargo and container yards.  

Foreign direct investment from Arab countries in Egypt totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE.

The UAE’s investment in the construction sector stood at $37.5 billion, accounting for 95 percent of the total.

Last February Abu Dhabi sovereign wealth fund ADQ unveiled plans to invest $35 billion to build the “largest new city” in Egypt and drive economic growth.

In January, local media reported that Egypt was aiming to strike a deal with the European Union (EU) to secure €4 billion ($4.2 billion) in financing to back its reform agenda.