Abu Dhabi – Mubasher: AD Ports Group has signed a definitive concession agreement with the Red Sea Ports Authority (RSPA) to develop and operate a multi-purpose terminal at Safaga Seaport.
Under the deal, a total of $200 million in investments will be pumped over three years to build a facility within the strategic location of the Red Sea, according to a press release.
The terminal, spanning nearly 810,000 square metres, will feature a 1,000-metre quay wall and will handle diverse cargo types, including dry bulk, liquid bulk, containerised cargo, and Ro-Ro.
Meanwhile, the terminal is expected to commence operating by 2025.
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: “Through this agreement, we aim to spur economic development, create jobs, boost local industries, and attract further investments into the region. We look forward to working closely with our partners to make this vital project a success.”
Saif Al Mazrouei, CEO of Ports Cluster at AD Ports, commented: “Safaga's strategic position on the Red Sea coast allows us to not only enhance our commercial offerings and diversify revenue streams but also contribute to Egypt’s broader economic objectives, setting the stage for further cooperation and opportunities in other sectors.”
Transcargo International (TCI), a partly-owned subsidiary by AD Ports, and Sinai White Portland Cement (SWCC) recently joined forces to build Egypt’s first bulk cement silos in Arish Port.
Last March, the ADX-listed firm inked several agreements to boost logistics capabilities across Egypt in Safaga, Ain Sokhna, Port Said, Hurghada, Sharm El-Sheikh, and Al Arish.
In the first nine months (9M) of 2023, the net profits attributable to the shareholders of AD Ports increased to AED 997.72 million from AED 917.05 million in 9M-22.
