DP World sets up joint venture with Suez Canal Zone

The Dubai-based port and terminal operator formed an agreement with the General Authority of the Suez Canal Zone to establish a joint venture company to develop the international port industry.    Dubai-based port and terminal operator DP World has entered into an agreement with the General Authority of the Suez Canal Zone to establish a joint venture company to develop the international port industry, the Government of Dubai said.
   DP World said it is establishing the company to implement a series of projects in the region, while Egyptian President Abdel Fattah Al Sisi said that the Egyptian government would provide all aspects of support to launch the projects as soon as possible.
   DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said he hopes that DP World would enhance its activities in Egypt and develop its investments in the economic zone through the creation of an integrated industrial, logistics and commercial zone, including all services and residential and recreational areas.
   DP World has a portfolio of 78 operating marine and inland terminals across 40 countries with a team of over 36,500 employees, according to the company’s website.
   The Suez Canal is utilized by 57 fully cellular container services, according to ocean carrier schedule and capacity database BlueWater Reporting’s Capacity Report. The waterway is used by 15 OCEAN Alliance operated services, 13 2M Alliance operated services, 10 “THE” Alliance operated services and 19 services not operated by an alliance.