According to Suhail Al Banna, CEO for Middle East and Africa at DP World, the development will 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 facility at Walvis Bay will provide businesses with development-ready land for industrial and logistics operations, pre-built workhouses and office accommodation.
“The first phase will be a gross developed area of 50 hectares, with expansion opportunities up to 1 500 hectares,” he said.
The parties have set the second quarter of 2020 as the target date for reaching a definitive agreement on the project.
Development of the first 50 hectares phase of the zone has the potential to create 3 000 jobs and help attract investment to Namibia of N$3.5 billion (US$230m) while the expansion to 1 500 hectares is expected to increase the potential investment to N$25 billion (US$1.68bn) with 20 000 job opportunities.
As part of the agreement 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.
“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,” he added.
“The MoU brings us a step closer to fulfilling Namibia’s vast trade and economic development prospects, and 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,” said Andre Olivier of !Nara Namib.