DP World, !Nara Namib take hands
MoU signed on free economic zone for industry and logistics
14 January 2020 | Business
The partnership seeks to develop a free economic zone for industry and logistics in Walvis Bay in support of turning Namibia into a regional hub for Southern Africa.
Enhancing Walvis Bay as a hub will support Namibia by increasing trade flows with surrounding markets in Angola, the Democratic Republic of Congo, Zambia, Zimbabwe, Botswana, Malawi and South Africa. Namibia is in a prime location along the Southern Africa Development Community (SADC) Corridor.
The development in Walvis Bay will help the country grow as a center for industrial operations and logistics. It will also create opportunities and jobs across multiple sectors including agriculture, fishing, automotive and mining.
The facility will provide businesses with development-ready land for industrial and logistics operations, pre-built warehouses and office accommodation.
The first phase is a developed area of 50 hectares, with expansion opportunities of up to 1 500 hectares. The development of this phase of the zone has the potential to create 3 000 jobs and help attract investment of N$ 3.5 billion (approx. US$237 million) to Namibia.
Expanding the project to 1 500 hectares is expected to increase the potential investment to N$25 billion (around US$1.7 billion) with 20 000 job opportunities.
The target date for reaching a definitive agreement on the project has been set for the second quarter of 2020.
According to Andre Olivier of !Nara Namib, the MoU brings the parties a step closer to fulfilling Namibia’s vast trade and economic development prospects.
“We look forward to benefitting 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.”
DP World plans to bring 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 to the project as part of the MoU.
The company has a network of more than 150 operations in 46 countries.
It started out as a local port operator with the development of Dubai’s Port Rashid, in 1972 as its first project. Seven years DP World opened Jebel Ali Port, the busiest port outside of Asia.
By expanding this successful model the company now own, develop and operate industrial parks, inland cargo depots, special economic zones and specialist facilities around the world.
DP World subsequently took on operations in Saudi Arabia, India and Romania.
The company went global in the 2000’s and now operate a geographically diverse network of trade enabling businesses which provide access to some of the world’s busiest production centres, as well as its largest consumer markets, in mature and emerging economies.
Operations include ports and terminals, industrial parks, logistics and economic zones, maritime services and marinas.