November 12, 2019 / 1:08 PM / a month ago

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

FILE PHOTO: Terminal tractors line up to offload their containers into a cargo ship at DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. REUTERS/ Hamad I Mohammed

DUBAI (Reuters) - Dubai’s DP World (DPW.DI) 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

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