UAE-headquartered global trade enabler, DP World, has formed a joint venture company with Egypt’s General Authority for the Suez Canal Economic Zone, it has been revealed.

The new venture reflects DP World’s commitment to extending its presence in Egypt through projects in the trade zone. Those projects include setting up a dedicated industrial and trade logistics district.

The district will comprise residential and entertainment features, in addition to all required services and facilities, Dubai Media Office reported.

The new partnership was announced during a meeting attended by the president of Egypt, Abdel-Fattah El-Sisi; the chairman and chief executive officer of DP World, Sultan Ahmed bin Sulayem; and the chairman of the Suez Canal authority, Mohab Mamish.

The meeting saw the Egyptian President approve the formation of the joint venture, as well as express the government’s support for the venture’s planned projects and DP World’s investment programme in the country.