Moving towards establishing green cities, Elsewedy Industrial Development, the leading integrated developer of sustainable industrial cities and a subsidiary of Elsewedy Electric signed an MoU with BASF, a German multinational company and the largest chemical producer in the world, to establish a major green logistics hub in Sokhna 360.
With the aim to be one of the biggest logistics hubs with a space of 470K SQM, Sokhna 360 is the first sustainable and integrated industrial city in the heart of Egypt’s internal and external trade center. It seeks to foster a sustainable pathway of growth, by undertaking green investments that encourage environmentally responsible decisions to ensure improved industrial production processes and resource-efficient productivity. Within this context, BASF is committed to supporting industries through its broad portfolio of products and innovations to create a sustainable framework for business practices on economic, social, and environmental levels.
“Sokhna 360 establishes the equation of an attractive investment return and positive impact on society by adopting initiatives of Carbon Neutrality and Net Zero Emissions. We are proud of our recent collaboration with BASF, the world’s leading chemical company, which is in the process of obtaining the Usufruct Right of a plot of land in Sokhna 360, which demonstrates our keenness to collaborate with clients who share with us the same vision. BASF trusted that Sokhna 360 suited their aspirations to allocate their first green industrial hub, assuring high standards of safety, technology, integration, and sustainability. This collaboration is a great step towards boosting the green economy in line with Egypt’s Vision 2030” Elsewedy Industrial Development’s CEO Eng. Mohamed El Kamah said.
“During 70 years of operating in Egypt, BASF has helped in building, feeding, fueling, and driving the Arab world’s most populous country and North Africa’s largest economy towards sustainability. It is committed to providing more accessibility not only to the Egyptian Market but to also cover neighboring countries. BASF has entered into this MOU with Elsewedy Industrial Development, to build their first logistic hub in Sokhna 360 thereby supporting our sustainability mission by adding to our green map. The hub is strategically located on the Suez Canal trade route, about 15 kilometers from Ain El Sokhna Port giving BASF access to major sea routes connecting Africa and allowing it to promote green and environmentally friendly solutions.” Xavier Verfaillie, BASF’s Managing Director for BASF Egypt, and the Levant, stated.
It is noteworthy that Sokhna 360 is set up on approximately 10 million sqm, with an industrial zone accounting for almost 60% of the project area and green areas of around 700,000 sqm. The city is expected to attract many foreign investments owing to its great incentives, as it allows for 100% foreign ownership of companies, 100% foreign control of import/export activities, and 100% exemption from customs duties & sales taxes.