DP Sokhna Enters Trilateral Partnership to Build Egypt’s New Administrative Capital
DP World Sokhna has recently entered into a trilateral partnership with the China State Construction Engineering Corporation (CSCEC) and the China Ocean Shipping Company Ltd (COSCO) to serve as a hub for all construction material imports needed to build the central business and financial district of Egypt’s New Administrative Capital.
As part of the agreement, CSCEC will benefit from Sokhna’s proximity to the Capital and its advanced road and rail links, as well as the port’s strategic location just below the southern entrance to the Suez Canal on the Red Sea.
DP issued a statement, of which Asharq Al-Awsat received a copy, announcing the facility dedicated to catering existing and future business of CSCEC. The upcoming 'Basin 2' facility will also support CSCEC business activities.
Egypt’s New Administrative Capital will cover an area of 700 square kilometers and is approximately 50 km east of Cairo. It will accommodate 6.5 million individuals.
CEO and Managing Director of DP World Middle East and Africa Suhail al-Banna explained that the strategic partnership with the two companies provides the opportunity for DP to expand its role in supporting Egypt’s economy by serving as the exclusive port for all of the central business district’s cargo, and ultimately, companies who will be setting up their operations in the New Capital.
“As a major gateway for Egypt’s trade, we look forward to utilizing DP World robust capabilities to handle cargo transiting through the important East-West trade route,” noted Banna at the signing ceremony held at CSCEC premises in the New Capital near Cairo.
The New Capital is a $45 billion mega-project and one of the key development projects that are being rolled out by the Egyptian government, which plans to plans to relocate ministries, parliament and civic institutions to the New Capital.
DP World Sokhna recently marked its 10th anniversary by announcing a major expansion through Basin 2, a move which brought DP World’s total investment in Egypt to $1.6 billion. When completed in the second quarter of 2020, Basin 2 will nearly double capacity at the port.