The contract, signed on Monday by Sultan Ahmed Bin Sulayem, Chairman of Dubai World, and the Senegalese Minister of Economy and Finance, Abdoulaye Diop, will see Jafza investing USD800 million in a 6.5 million square metre site in Dakar in four phases, the first of which is expected to commence by the end of 2008. Completion of the project is scheduled for 2010/11.

According to Jafza, the special economic zone will provide a "particularly conducive environment" for industrial, commercial, logistics, services activities, and will eventually host 1,000 companies. However, over the longer-term, this will be only part of a much larger integrated project to be carried out by Dubai World entities, covering 10,000 hectares, and including tourism, residential and commercial development.

“Our long-term strategy for Jafza is to develop a global logistics network for the benefit of our customers. Senegal 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," commented Salma Hareb, CEO of Jafza.

“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 the Dakar container terminal, under a deal which will see direct investment of over USD700 million. Premier customs solutions provider DC World, another Dubai World company, has also signed an agreement with the Customs Administration of Senegal, to help develop the functioning of the customs system, and the management and provision of systems for stock control and statistical data management.

Dubai World's investment in Senegal is the outcome of a close collaboration which began with a feasibility study completed in February 2006, and was followed by the signature of a Memorandum of Understanding in November 2006.

Chuck Heath, Managing Director Jafza International explained:

“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."

He added that:

“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."