• Egypt and the UAE have signed an agreement to establish a $3 billion logistics zone in the Mediterranean region, aiming to boost trade and investment.
• The project will implement the Fujairah Petroleum Zone model at Hamra Petroleum Port, aligning with Egypt’s strategy to become a regional hub for crude oil and petroleum products.
• A joint working team has been formed to oversee the agreement’s execution and ensure smooth implementation, leveraging global partnerships to supply the local market.

Egypt and the UAE have signed an agreement to create a new logistics zone for trade in the Mediterranean region, with investments potentially reaching $3 billion or more. Egyptian Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding (MoU) between the two governments in New Alamein City.

The initiative aims to replicate the successful integrated system used in the Fujairah Petroleum Zone by implementing it in Egypt’s Hamra Petroleum Port on the Mediterranean coast.

This partnership is aligned with the Egyptian Ministry of Petroleum and Mineral Resources’ strategy to solidify Egypt’s position as a regional hub for crude oil and petroleum products. It also seeks to leverage port infrastructure to facilitate the receipt and trade of these products.

The project will supply petroleum products to the local market through Fujairah Company’s existing global partnerships with oil and gas companies, providing a competitive edge to the Egyptian General Petroleum Corporation. A joint working team from both countries has been established to monitor the implementation of the agreement and address any challenges.

In July, Dragon Oil Company introduced AI technology to enhance the development of the Morgan and Badri fields in Egypt.