Swiss giant Agility will build a logistics hub in East Port Said amid major expansion work at the mouth of the Suez Canal.
A protocol of cooperation was signed by Agility and the Suez Canal Authority to build a centre to import and stock raw materials, as well as export goods through the Suez Canal Ports.
This is part of broader expansion at East Port Said, which Agility described as a vital Mediterranean trading site.
Developing the logistics centre will accelerate the speed at which goods flow from East Port Said, strengthening the supply chain, reducing costs, and creating jobs.
The multiphased project starts with an eight-month feasibility study for the development of the centre; Phase 2, set to last six months, covers preparation of a master plan, which will include a detailed technical and financial analysis; and Phase 3 will see Agility create a joint venture company with the Suez Canal Authority.
"The establishment of the East Port Said project is in line with the Egypt 2030 Vision," said admiral Mohab Mamish, chairman of both the Suez Canal Authority and the Suez Canal Economic Zone (SCZONE).
Mamish said the port would help Egypt meet its infrastructure development goals, boost economic growth, create new jobs, and improve the Suez Canal Zone's reputation for being a regional hub of industrial and commercial activity.
“Egypt’s prominent location allows access to strong regional markets and trade routes, making it an ideal site for a regional distribution hub," the chief executive officer of Agility, Tarek Sultan, said.
"Given the global demand for access and presence in the continent, Agility has continuously invested in Africa. Establishing an integrated industrial and logistics hub in partnership with SCZONE, as well as providing modernised, automated customers services, matches Agility’s Africa strategy, and further highlights Egypt’s role as a key regional player."