Egypt and UAE Collaborate to Launch $3 Billion Logistics Zone for Mediterranean Trade

Egypt's Prime Minister, Mostafa Madbouly, witnessed the signing of a memorandum of understanding (MoU) between Egypt and the UAE in New Alamein City, marking a significant step in their collaborative efforts. The agreement aims to establish a new logistics zone dedicated to trading in the Mediterranean region, with investments potentially reaching $3 billion, and the possibility of further increases.

This initiative will see the implementation of the integrated system from the UAE's Fujairah Petroleum Zone at Egypt's Hamra Petroleum Port on the Mediterranean coast. The collaboration aligns with the Egyptian Ministry of Petroleum and Mineral Resources' strategy to strengthen Egypt's position as a regional hub for trading crude oil and petroleum products. It also seeks to maximize the utilization of existing port infrastructure to enhance the trading of these products.

The project will ensure the supply of petroleum products to the local market through Fujairah Company's existing partnerships with global oil and gas suppliers, offering a competitive edge to the Egyptian General Petroleum Corporation.

A joint working team from both countries has been established to oversee the implementation of the agreement and address any challenges that may arise.

Source: Mubasher