The Suez Canal Authority has signed a protocol of cooperation with Kuwait’s Agility, a leading global logistics provider, to establish a logistic center in Egypt’s East Port Said Governorate.
Under this protocol, Agility will develop a hub with international standard logistics infrastructure to enhance the importing and warehousing of raw materials, as well as the export and distribution of intermediate and final goods through the Suez Canal Ports, it said.
The company will also provide world-class solutions for Egyptian customs, including the modernization and automation of the customs processes.
Head of Suez Canal Authority Admiral Mamish noted that the protocol aims to study the investment in the development and marketing of both the logistics and industrial areas. It also includes the development of a ‘green’ logistics hub for value-added services, in addition to applying advanced customs technology solutions that facilitate trade.
On his part, Agility executive manager Tarik Sultan said that signing this protocol goes in tandem with Agility strategy for the African continent and reinforcement of Egypt’s position in the regional economy.
“Being present in the Suez Canal Economic Zone and, in particular, working in the East Port Said area will give companies access to world-class infrastructure as well as fast, easy and efficient logistics and customs services in terms of time and cost,” Sultan added.
Admiral Abd El Kader Darwish, vice chairman of the Suez Canal Economic Zone for the Northern Sector, said that the establishment of a logistics center in East Port Said is set to provide logistical and technological solutions for investors in the region.
It will also provide a secure electronic customs system to facilitate the movement of goods in a safe manner that will in turn contribute to more job opportunities in East Port Said.
Darwish added that the protocol also includes studying the possibility of establishing a company between the Economic Authority and Agility, he added.
The Suez Canal Authority is planning to obtain an EUR 300 million loan from GCC banks to buy two new drilling rigs, three banking sources said to Reuters.
