UAE-headquartered Innovo Group has started the construction works on the Port of Sokhna logistics park in Egypt.
The first phase, to be developed at an investment of $50m, is expected to become operational by the end of 2024.
The logistics park will span an area of 300,000 square metres.
The planned facility will cater to logistics, trading, distribution, value-added and light industrial activities.
According to the Suez Canal Economic Zone (SCZone), the groundbreaking ceremony was attended by its chairman, Waleid Gamal El-Dien, Suez Governor Abdel Majeed Sakr and DP World Regional Director Urs Moll.
The project is being overseen by Cairo-headquartered Main Development Company (MDC), an SCZone subsidiary.
In August 2022, MEED reported that Dubai-headquartered DP World and SCZone signed an agreement to develop a port-centric logistics services zone in Egypt’s Sokhna Port. The agreement was signed between Moll and Abdel-Nasser el-Rafai, CEO of MDC.