DUBAI, Feb. 27 (Xinhua) -- The United Arab Emirates (UAE) and Egypt joint forces on an integrated industrial and residential zone in Sokhna, Egypt, the UAE's port operator Dubai Ports (DP) World said Tuesday.
DP World said it has signed an agreement with Egypt's Suez Canal Authority and the Suez Canal Economic Zone to implement the first phase of the industrial zone.
The framework agreement has established a timetable of the first phase of the project that spans 30 square km, it said.
The agreement was signed by Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World and Admiral Mohab Mamish, chairman of the Suez Canal Authority and the Suez Canal Economic Zone.
Sulayem hopes the new industrial zone will drive growth for Egypt, adding that the focus on long-term sustainable change "will also ensure that this growth is beneficial for generations to come."
Mamish said Egypt will support the project with "all available resources and capabilities," praising its benefit for future generations.
The agreement follows the signing of a partnership agreement at a ceremony in Sharm el-Sheikh, Egypt on the sidelines of the World Youth Forum in November last year.
The final project will see the development of a "comprehensive industrial zone in Sokhna spanning 75 square km," DP World said.
It would increase the capacity of Sokhna port and link it to the industrial zone to fuel foreign investment and trade growth, it added.
Both parties aim to sign agreements with companies that wish to establish facilities within the zone by March this year, the firm said.
