MoU paves way for massive investment
The parties have set the second quarter of next year as the target date for reaching a definitive agreement on the development of a free economic zone.
Staff Reporter - !Nara Namib Free Economic Industrial Zone yesterday signed a memorandum of understanding (MoU) with the global trade enabler, DP World, which could result in a potential investment of N$25 billion with 20 000 job opportunities.
The MoU allows for the development of a free economic zone for industry and logistics in Walvis Bay to support the growth of Namibia as a regional hub for Southern Africa.
The parties have set the second quarter of 2020 as the target date for reaching a definitive agreement on the project.
The facility at Walvis Bay will provide businesses with development-ready land for industrial and logistics operations, pre-built warehouses and office accommodation.
The first phase will be a gross developed area of 50 hectares, with expansion opportunities up to 1 500 hectares. The development of the first phase of the zone has the potential to create 3 000 jobs and help attract investment to Namibia of N$3.5 billion.
Expansion to 1 500 hectares is expected to increase the potential investment to N$25 billion with 20 000 job opportunities.
Suhail Al Banna, DP World’s chief executive officer and managing director for the Middle East and Africa said the group is pleased to work with !Nara Namib to explore how they could work together to enable smarter trade in Namibia.
“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,” Al Banna said.
The MoU brings the parties “a step closer to fulfilling Namibia’s vast trade and economic development prospects”, Andre Olivier of !Nara Namib said.
“We look forward to benefiting from DP World’s global expertise and network in the areas of parks, economic zones, ports and logistics while creating synergies with our strong local footprint and industry reach,” Olivier said.
DP World
As part of the MOU, DP World plans to bring to the project its extensive expertise and track record in establishing and operating some of the world’s leading ports, logistical parks and free zones integrated with railways and trucking.
DP World has a network of more than 150 operations in 46 countries.
The group’s flagship development, Jebel Ali Port, is the largest container port between Rotterdam and Singapore and the 11th largest container port in the world, with an annual capacity of 19.3 Million TEU (Twenty-Foot Equivalent Unit).
The Jebel Ali Free Zone Authority (Jafza) stretches across 51 square kilometres and is home to 7 500 companies employing 135 000 people, including more than 100 Fortune 500 corporations. Jafza and Jazfa-based companies handle US$83.1 billion in trade annually, contributing around a quarter of Dubai’s gross domestic product (GDP).
DP World’s potential expansion in Namibia complements its notable presence in other key African nations including Senegal, Rwanda, Mozambique, Egypt, Algeria and Somaliland.
The MoU allows for the development of a free economic zone for industry and logistics in Walvis Bay to support the growth of Namibia as a regional hub for Southern Africa.
The parties have set the second quarter of 2020 as the target date for reaching a definitive agreement on the project.
The facility at Walvis Bay will provide businesses with development-ready land for industrial and logistics operations, pre-built warehouses and office accommodation.
The first phase will be a gross developed area of 50 hectares, with expansion opportunities up to 1 500 hectares. The development of the first phase of the zone has the potential to create 3 000 jobs and help attract investment to Namibia of N$3.5 billion.
Expansion to 1 500 hectares is expected to increase the potential investment to N$25 billion with 20 000 job opportunities.
Suhail Al Banna, DP World’s chief executive officer and managing director for the Middle East and Africa said the group is pleased to work with !Nara Namib to explore how they could work together to enable smarter trade in Namibia.
“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,” Al Banna said.
The MoU brings the parties “a step closer to fulfilling Namibia’s vast trade and economic development prospects”, Andre Olivier of !Nara Namib said.
“We look forward to benefiting from DP World’s global expertise and network in the areas of parks, economic zones, ports and logistics while creating synergies with our strong local footprint and industry reach,” Olivier said.
DP World
As part of the MOU, DP World plans to bring to the project its extensive expertise and track record in establishing and operating some of the world’s leading ports, logistical parks and free zones integrated with railways and trucking.
DP World has a network of more than 150 operations in 46 countries.
The group’s flagship development, Jebel Ali Port, is the largest container port between Rotterdam and Singapore and the 11th largest container port in the world, with an annual capacity of 19.3 Million TEU (Twenty-Foot Equivalent Unit).
The Jebel Ali Free Zone Authority (Jafza) stretches across 51 square kilometres and is home to 7 500 companies employing 135 000 people, including more than 100 Fortune 500 corporations. Jafza and Jazfa-based companies handle US$83.1 billion in trade annually, contributing around a quarter of Dubai’s gross domestic product (GDP).
DP World’s potential expansion in Namibia complements its notable presence in other key African nations including Senegal, Rwanda, Mozambique, Egypt, Algeria and Somaliland.
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