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The UAE's AD Ports Group will invest 1.84 billion dirhams ($501 million) to manage and operate a multipurpose port in Congo for which it won a 30-year concession.
The signing of the concession agreement follows a previous Head of Terms agreement signed between the Abu Dhabi based logistics and trade facilitator and the government of Congo, a statement issued by the Abu Dhabi Media Office said on Tuesday.
Under the terms of the new agreement, AD Ports Group will have the exclusive right to invest in the development, operation, management and maintenance of the New East Mole Port that will handle containers, general cargo, break-bulk and other types of cargo.
The agreement runs for 30 years from the date of signing and AD Ports Group will have the right to further extend the concession for a further 20 years with the same terms and conditions.
The project, in which AD Ports will invest AED 808 million in the first phase, is expected to be completed over the next 30 months.
Trade between the UAE and Congo hit nearly AED 7 billion in 2021.
(Writing by Brinda Darasha; editing by Seban Scaria)
