The Suez Canal Authority and the Suez Canal Economic Zone (SCZone) signed an agreement with global trade enabler DP World for the first phase of development of an integrated industrial and residential zone in Sokhna, Invest-Gate reports.

The framework agreement sets a timetable of actions required to execute the first phase of the project spanning 30 square kilometers, according to a press release.

This comes after the signing of a partnership agreement between both parties at a ceremony in Sharm El Sheikh on the sidelines of the World Youth Forum in November 2017.

The joint venture between SCZone (51%) and DP World (49%) will result in the development of a comprehensive industrial zone in Ain El Sokhna spanning 75 square kilometers, as well as increasing the capacity of Sokhna port and linking it to the industrial zone.

Both parties, according to the statement, aim to sign agreements with companies that wish to establish facilities within the zone by March 2018.

Business sectors in the zone will include light- and medium-sized industries, logistics, and service utilities, with targeted industries including medical, electronics and communications, construction materials, logistics, textiles, automotive parts, food processing, energy production components, and petrochemicals.