DP World, the fourth largest ports operator globally, plans to develop an industrial and residential zone in Egypt’s Sokhna overlooking the Red Sea’s Gulf of Suez in partnership with the Suez Canal Economic Authority, the company said on Tuesday.
DP World didn’t disclose the cost of the project, in which it will hold a 49 per cent stake. Construction is expected to start in the first quarter of next year, but the ports operator didn't provide a time frame for completion. Spanning a 95 square kilometres area, the zone near the Suez Canal will include a residential zone stretching 20 square kilometers and housing 500,000 people when completed.
"The development of the zone will support the sustainable growth of the country and help it attract more business investment,” said Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World. “It will also help transform the Suez Canal into a major trade and business hub in the region, given its strategic location and role as an artery for global trade.”
The industrial area will feature light and medium-sized industries, logistics, and service utilities, targeting sectors that include medical, electronics and communications, construction materials, textiles, automotive parts, food processing, energy production components and petrochemicals. The project is expected to create more than 400,000 jobs.
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“The project includes a comprehensive economic zone in Sokhna including an industrial free zone and a number of development projects that will boost the national economy and create jobs for Egyptian youth,” said Mohab Mamish, chairman of the Suez Canal Authority and chairman of the Suez Canal Economic Zone. “This is an important step in Egypt’s industrial and economic growth journey, while taking advantage of the strategic location of the Suez Canal.”
DP World signed last month an agreement with Egypt’s Red Sea Ports Authority to double the capacity of port it manages in Sokhna, which is adjacent to the new specialized economic zone. The Dubai-based ports operator will also sign a new 35-year concession agreement for managing the Sokhna port that will replace the original one struck in 2007 after the completion of the expansion project.
Our Time Has Come
Alyssa Ayres, Oxford University Press
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
List of officials:
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
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Power: 905hp
Torque: 985Nm
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Available: Now
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
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This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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