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)