Jafza International to invest in a 6.5m sq metre -$800m Special Economic Zone in Dakar, Senegal

The contract, which was signed by Sultan Ahmed Bin Sulayem, Chairman Dubai World, HE the Senegalese Minister of Economy and Finance, M. Abdoulaye Diop and Ms. Aminata Nianne, the Director General of Senegal Promotion of Investment Board (APIX), in the presence of HE the Prime Minister of Republic of Senegal M. Hadjibou Soumaré, and Mrs. Salma Hareb, CEO Jafza and Economic Zones World, will see Jafza International investing in this 6.5 m sq metre - $800 million Special Economic Zone in Dakar in four phases of about 1,500,000 square metres each.

The construction of the first phase will commence by the end of 2008 and the first operations are expected in 2010-2011.

The special economic zone will provide a particularly conducive environment for industrial, commercial, logistics, services activities.

Mr. Bin Sulayem said "Today's agreement further strengthens the existing relationship between Dubai World and Senegal, and is a testament to the commitment and faith that we have in Senegal's economic and social stability. The republic's strategic location makes it an extremely attractive business destination for Dubai World in the West Africa region."

"The industrial and logistics development in Senegal will host 1,000 companies, and create significant employment over the next 20 years. This project forms part of an even bigger integrated project over 10,000 ha to include tourism, residential and commercial development to be developed by other Dubai World entities" he added.

Mrs. Salma Hareb said "Our long-term strategy for Jafza is to develop a global logistics network for the benefit of our customers. Senegal's is the ideal location for furthering this vision, and this deal brings us one step closer to achieving our aim of a truly global logistics platform."

"Our extensive experience in running economic zones at home and abroad, and the transformation of communities we serve, coupled with the progressive vision of the Government of Senegal will be of great benefit to all stakeholders, especially the people and the economy of Senegal," she added.

Jafza International's sister company, global marine terminal operator DP World is already operating and developing Dakar container terminal, under a deal which will see direct investment of over $700m. Premier customs solutions provider DC World, another Dubai World company, has also singed an agreement with the Customs Administration of Senegal, to help develop the functioning of the customs and the management and the provision of systems for stock control and statistical data management.

This project is the outcome of a close collaboration which began with a feasibility study completed in February 2006 and followed by the signature of a Memorandum of Understanding in November 2006.

Chuck Heath, Managing Director Jafza International said "Jafza International's main objective is to position Senegal as a major business hub in the Western Africa Region by offering the DISEZ access to Jafza's network of over 6,000 companies from over 120 countries already operating in Dubai and also to Jafza International's growing network of economic zones world wide"

"The DISEZ will offer investors world class facilities, consisting of warehouses, LIUs, office units and serviced land, developed and managed by Jafza International, coupled with excellent services offered by a special economic zone authority set up by the Government of Senegal to act as the one stop shop for all investment and trade facilitation services. Another important benefit of this project is its proximity to the new Blaise Diagne International Airport, thus enhancing multimodal, sea, air, rail, road connectivity" he added.