UAE and Egypt Invest US $3 billion to Build Mediterranean Logistics Park

Release time:

2024-08-17 09:35

Source Event Financial Union

Editor Li Lin

Internship Editor Chen Yujia

Egypt and the United Arab Emirates recently formally signed a memorandum of understanding (MoU), the two countries will jointly invest in the establishment of a new Mediterranean regional logistics trade park, the total investment is expected to reach $3 billion, and there is a possibility of further expansion.

According to the agreement, Egypt and the UAE plan to introduce the integrated system of the Fujairah oil zone in the UAE into Egypt and operate it at the Hamra oil port on the Mediterranean coast. The move aims to enhance Egypt's position as a regional trading center for crude oil and petroleum products, and make full use of the advantages of port infrastructure and facilities to promote the handling and trade of crude oil and petroleum products.

The signing of the MoU, with its core focus on leveraging the close cooperation between Fujairah and major global oil and gas suppliers, aims to meet the growing demand for petroleum products in Egypt. The two sides will work together to optimize the allocation of resources within the oil sector to facilitate the trade flow of these key commodities.

The agreement also highlights plans to upgrade Egypt's port infrastructure, expand storage capacity and optimize maritime terminals. These measures will improve the operational efficiency of Egyptian ports and ensure the rapid flow of oil products.

This cooperation is closely in line with the development strategy of the Egyptian Ministry of Petroleum and Mineral Resources, which is to further promote the supply of petroleum products in the Egyptian domestic market by maximizing Egypt's regional role in the trade of petroleum and petroleum products. In order to ensure the effective implementation and advancement of the terms of the agreement, the two sides have formed a joint working group to follow up on the progress of the implementation of the agreement and overcome any obstacles that may arise.

In addition, in July this year, Dubai-based Dragon Oil Company (Dragon Oil Company) has deployed artificial intelligence technology in Egypt's Morgan and Badri oil fields, demonstrating new trends in technological innovation and cooperation among international companies in the Egyptian energy sector.

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