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Writer's pictureTeam CargoTalk

UAE, Egypt join hands to set-up US$3 bn logistics zone



The governments of UAE and Egypt have signed a memorandum of understanding (MoU) to establish a logistics zone for trading activities in the mediterranean region. It is estimated that the two countries will make investments of $3 billion dollars to establish the logistics zone, aiming to leverage the integration system in the Fujairah Petroleum Zone and implement it in Hamra Petroleum Port in mediterranean region. Through this deal, the Egyptian Ministry of Petroleum and Mineral Resources’ aims to elevate Egypt’s status as a regional centre for trading crude oil and petroleum products.

 

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