CAIRO, May 4 (MENA) - Prime Minister Moustafa Madbouli on Sunday said Egypt and the UAE share strong, fraternal relations at the popular and political leadership levels.

The deep-rooted diplomatic and economic relations between the two countries are demonstrated by joint strategic projects that contribute to achieving sustainable development for their peoples, according to him.

Madbouli made the remarks on the sidelines of the signing ceremony of an agreement for the development of the “Kezad East Port Said” zone, an industrial and logistics hub to be established through a partnership between Egypt’s General Authority for the Suez Canal Economic Zone (SCZone) and Abu Dhabi Ports Group.

The ceremony took place in Cairo in the presence of senior officials from both countries, including Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir, Minister of Electricity and Renewable Energy Mahmoud Esmat, UAE Minister of Industry and Advanced Technology Sultan Al Jaber, UAE Minister of Investment Mohamed Al Suwaidi, SCZone Chairman Walid Gamal El-Din, and Abu Dhabi Ports CEO Mohamed Juma Al Shamisi.

Madbouli hailed the project as a "landmark" achievement and "new chapter" of economic and investment cooperation between Egypt and the UAE.

"Our meeting today to launch the 'Kezad East Port Said' project embodies the spirit of effective partnership between the two countries and reflects the development and growth of Egyptian-UAE relations in various fields," Madbouli said.

The volume of trade exchange between Egypt and the UAE reached $6 billion last year, Madbouli said, adding that cooperation between the SCZone and Abu Dhabi Ports Group reflects mutual trust and a shared vision towards a prosperous economic future.

The agreement on the development of Kezad East Port Said zone grants Abu Dhabi Ports a 50-year renewable usufruct right to develop and operate the 20-square-kilometer zone near the Mediterranean city of Port Said.

The project is expected to enhance global trade flows between the East and the West by leveraging the zone’s strategic location at the northern entrance of the Suez Canal.

Under the deal, Abu Dhabi Ports will lead the development, construction, financing, and management of the industrial and logistics zone in multiple phases. The first phase, covering 2.8 square kilometers, is set to begin by the end of 2025, with an initial investment of $120 million earmarked for technical and market studies and infrastructure development. A 1.5-kilometer berth, potentially housing a multipurpose cargo terminal, is also planned. (MENA)

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