SCZone inks agreement for bonded storage projects in its zones

The Suez Canal Economic Zone inked agreements for a new logistics project with an Egyptian-Turkish consortium that included the state-owned Arab Organization for Industrialization, United Egy Group Shipping, as well as Turkish firms Sigma Logistics and Containers, and Logi Trade Company, according to a statement from the authority.

The new project will be known as Sigma Egypt and will be developed with investments of USD 4.2 mn. The project will develop two separate customs bonded yards for container storage, handling, and repair in West Qantara and Ain Sokhna. The two 50k sqm yards will be fully self-financed and create 100 direct jobs.

Not the latest for Egypt: DP World is building bonded warehouses and open yards for cargo containers close to Ain Sokhna Port as part of its USD 80 mn Sokhna Logistics Park project. Deeper in mainland Egypt, GB Logistics, an affiliate of congolomorate GB Corp, launched bonded warehouse services in Sadat City in May last year.

SOUND SMART: Bonded warehouses are government-authorized facilities that store goods for a limited time without being subject to duties, taxes, or customs fees. They’re particularly useful for temporary storage of goods moving internationally.