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Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority have signed a term sheet and a head of terms agreement for the development of major port projects along Egypt's coast.
The first agreement will see AD Ports Group develop, operate, and manage a multipurpose terminal in Safaga seaport in a consortium with the Red Sea Ports Authority and the Egyptian Group for Multipurpose Terminals Company, the commercial arm of the Egyptian Ministry of Transportation.
The second agreement covers the development, operation, and management of cruise ship berths and terminals at Sharm El Sheikh, Hurghada and Safaga ports, and to provide support services to help extend cruise tourism in Egypt.
In addition, AD Ports Group will develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba, the UAE-based port operator, backed by the sovereign wealth fund ADQ, said in a bourse filing on the Abu Dhabi Stock Exchange on Thursday.
In March, AD Ports Group signed deals with the Egyptian Group for Multipurpose Terminals related to the development and operation of Ain Sokhna Port, a major international gateway for Egypt.
(Writing by Brinda Darasha; editing by Seban Scaria)
