GCC insurers will also benefit from the expansion of compulsory insurance
The 3 partners will bid for the government contract for the project later this year. The proposed ICD will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point. Under the MoU, DP World will lead and represent the alliance in the bidding process and become the ICD operator if the tender is won.
The MoU was signed by Sultan Ahmed bin Sulayem, DP World Group chairman and CEO; Mohab Mamish, chairman of the Suez Canal Economic Zone; and Mohamed Ahmad Ibrahim Youssef, chairman of the Holding Company of Maritime and Land Transport.
"Developing trade infrastructure to improve hinterland access for goods bound for Africa's growing economic needs is essential. This collaboration builds on our strategic partnership with Egypt and we look forward to working with the SCZone and the government's Holding Company for Maritime and Land Transport to make it happen," bin Sulayem said.
Mamish said this is a constructive step toward realising the strategy of the Egyptian government in developing its marine and dry ports infrastructure.
"It follows the expected future growth of global trade, and the directives of the country's political leadership in preparing Egypt's ports to keep pace with changing global trends."
- business@khaleejtimes.com
GCC insurers will also benefit from the expansion of compulsory insurance
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It is the second facility to be launched this year after the introduction of a similar service in Yas Mall in February