Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, and the Kuwaiti warehousing firm Agility have formed YANMU, a joint venture (JV), to develop, build, and operate modern logistics parks and grade A warehousing facilities in Egypt, according to a press release on March 13th.
The two companies also unveiled that their YANMU East Logistics Park will be inaugurated in August.
Located on the new Cairo Suez Road, YANMU East Logistics Park spans over an area of 270,000 square meters, and is 15 kilometers from Cairo Airport.
Both companies also plan to launch a second complex, YANMU West Logistics Park, in 2024.
“YANMU will offer Egypt's most modern, efficient, and sustainable warehousing. We are proud to have strategically partnered with Agility, which has nearly four decades of experience in developing and operating Grade A warehousing across the Middle East, Africa, and Asia," Amr Allam, Chairman of Hassan Allam Utilities, commented.
"When it comes to warehousing capacity and distribution capability, Egypt is underserved. YANMU will fill the gap with modern, efficient infrastructure that is going to power growth domestically and strengthen Egypt's role as a vital trade partner and crossroads," Agility Vice Chairman Tarek Sultan said.
In the same vein, a source told Asharq business that the two companies earmarked about $100 million to build the first joint logistics complex in Egypt.
The source revealed that about 50% of YANMU East has been leased by giant firms including the e-commerce platform Jumia.
Egypt Hassan Allam Agility Logistics parks Kuwait
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