Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, forms a joint venture (JV) with Kuwait’s Agility to develop, build and operate modern logistics parks and Grade A warehousing facilities in Egypt, Invest-Gate reports.
The new JV, YANMU, will oversee the implementation of a 270,000 sqm park in New Cairo Suez Road.
The project, YANMU East Logistics Park, is set to open in 2023.
Furthermore, Hassan Allam and Agility plan to launch a second park in 2024.
YANMU parks are designed to meet the storage and distribution needs of companies in e-commerce, manufacturing, consumer products, food and beverage, technology, automotive, energy, industrial goods, healthcare, pharmaceuticals and other sectors.
“YANMU will offer Egypt’s most modern, efficient, and sustainable warehousing. We are proud to have strategically partnered with Agility, which has nearly four decades of experience in developing and operating Grade A warehousing across the Middle East, Africa, and Asia,” Amr Allam, Chairman of Hassan Allam Utilities, says.
For his part, Tarek Sultan, Vice Chairman of Agility, comments: “YANMU will fill the gap with a modern, efficient infrastructure that is going to power growth domestically and strengthen Egypt’s role as a vital trade partner and crossroads.”