DP World inks MoU to develop economic zone in Namibia
First phase of the project will comprise a gross developed area of 50ha, creating 3,000 jobs, and will attract $237m to Namibia
Dubai-based trade enabler DP World has inked a preliminary memorandum of understanding (MoU) with Namibia’s Nara Namib Free Economic Industrial Zone to develop an industrial and logistics free economic zone facility in Walvis Bay, Namibia, to support the nation’s growth as a regional hub in Southern Africa.
The first phase of the project will comprise a gross developed area of 50ha, with expansion opportunities up to 1,500ha.
DP World and the Nara Namib Free Economic Industrial Zone will reach a definitive agreement on the project by Q2 2020.
The development intends to help Namibia grow as a centre for industrial operations and logistics, creating opportunities and jobs across multiple sectors, including agriculture, fishing, automotive, and mining.
The Walvis Bay facility aims to provide businesses with development-ready land for industrial and logistics operations, pre-built warehouses, and office accommodation.
Development of the first 50ha of the zone is expected to create 3,000 jobs and help attract investment of $237m (N$ 3.5bn) to Namibia.
Expansion to 1,500 hectares is projected to increase the potential investment to $1.7bn (N$25bn) with 20,000 job opportunities.
The Walvis Bay hub will help Namibia enhance trade flows with regional markets such as Angola, the Democratic Republic of Congo, Zambia, Zimbabwe, Botswana, Malawi, and South Africa.
Commenting on the preliminary agreement, chief executive officer and managing director – Middle East and Africa at DP World, Suhail Al Banna, said : “DP World is pleased to work with Nara Namib to explore how we can 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.”