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Dubai's DP World signs deal to develop business park in Namibia

12 Nov 2019

Dubai's DP World has signed a preliminary agreement with the Nara Namib Free Economic Industrial Zone to develop a dedicated business park in the Namibian port town of Walvis Bay.

The park will be a 'free economic zone' for industry and logistics and initially cover an area of 50 hectares, according to a statement on Dubai's government media office website on Tuesday.

The park could eventually be spread across 1,500 hectares, it said.

A free economic zone is often a dedicated area that has different laws or rules, such as fewer or no taxes, designed to attract investment.

DP World and Nara Namib aim to reach a final agreement in the second quarter of 2020, the statement said.

(Reporting by Alexander Cornwell; editing by Jason Neely)

SOURCE: Market Screener

https://www.marketscreener.com/news/Dubai-s-DP-World-signs-deal-to-develop-business-park-in-Namibia--29565723/

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