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Tuesday, 21 October 2014

Al-Sweiden to develop $5.6bn Suez commercial zone

Development firm Al-Sweiden Holding Company is to build a new commercial zone near the Suez Canal axis, according to a statement from the Egyptian Ministry of Supply and Internal Trade.

“The centre aims to transform Egypt into a hub for logistical, global storage,” Kahled Hanafy, Egyptian Minister of Supply said.

The new project aims to introduce global mechanisms for storing, handling and packaging grains and is valued at $5.6 billion. The new zone will cover an estimated 4.2 million square metres and facilitate annual trade of 65 million tonnes of grains and food commodities.

The development will include construction of three international logistics centres for food commodities. The centres will be located at Damietta, East Port Said and Safaga with all three expected to be complete within the next three years.

Emirati firm Al-Sweiden has signed a cooperation agreement with the Egyptian Ministries of Supply and Transportation and Housing to focus on the operational mechanisms of the projects.

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