UAE’s AD Ports Group has signed a 30-year concession agreement to develop and operate a multi-purpose port in Safaga, a strategic location on the Red Sea coast of Egypt.
The Safaga Port terminal will be developed over an approximate area of 810,000 square meters and is set to be operational in Q2 2025.
AD Ports Group will invest a total of up to AED734 million in superstructure and equipment, buildings, and other real estate facilities and utilities’ network inside the concession area. The majority of this CapEx will be spent in 2024 and 2025, according to a statement from the Abu Dhabi Media Office.
It will have a quay wall of up to 1,000 meters and can handle 5 million tonnes of dry bulk and general cargo, 1 million tonnes of liquid bulk and 450K TEUs of containerised cargo
The Abu Dhabi group has also signed two deals to develop two cement terminals in Al Arish Port and West Port Said Port, and four Head of Terms (HoT) concerning ports located in Egypt’s Red Sea region and the Mediterranean Sea, enabling a major expansion of the AD Ports Group's activities into Egypt.
These agreements allow for expanded access to multipurpose terminals, cruise routes, and logistics capabilities in Safaga, Ain Sokhna, Port Said, Hurghada, Sharm El Sheikh and Al Arish.
(Writing by Seban Scaria; editing by Daniel Luiz )