Dubai-based port operator DP World has signed a memorandum of understanding (MoU) with Namibia’s Nara Namib Free Economic Industrial Zone to develop an industry and logistics free economy zone facility in Walvis Bay, Namibia.
The project, which is developed by DP World, will help Namibia grow as an industrial and logistics hub in Southern Africa. It will provide businesses with warehousing facilities, office accommodation as well as development-ready land for industrial and logistics operations. Once completed, it will increase Namibia’s trade flows with markets in Angola, Congo, Zambia, Zimbabwe, Botswana, Malawi and South Africa.
An agreement between DP World and Namibia’s Nara Namib Free Economic Industrial Zone will be reached in the second quarter of 2020. The first phase of the project, which covers an area of 50 hectares, has the potential to create 3000 jobs and attract $237 into Namibia.
The whole project, which spans over an area of 1500 hectares, can create up to 20, 000 job opportunities and attract investments of around $1.7 billion.
Suhail Al Banna, CEO and managing director for the Middle East and Africa at DP World told the media, “We believe the country has great potential to expand its role as a hub for the region. The Namibian government’s recent legislation on free zones and efforts to facilitate greater business provides an attractive environment for investment.”
DP World, which is the world’s largest port operator, reported a 1.6 percent drop in container volume to 17.7 million TEU in the third quarter of 2019, compared to 18 million during the same period last year.
In Africa, DP World operates in Senegal, Egypt, Mozambique, Algeria, Rwanda, and Somaliland. Last year, it signed an agreement to develop a logistics platform in Mali. DP World is also developing Congo’s first deep-sea port.