UAE’s AD Ports Group to manage operations at Egypt’s Ain Sokhna Port
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UAE’s AD Ports Group to manage operations at Egypt’s Ain Sokhna Port

UAE’s AD Ports Group to manage operations at Egypt’s Ain Sokhna Port

A feasibility study will be conducted into the future development of Ain Sokhna Port to explore potential investment opportunities to enhance its capacity

Container Ship

UAE-based AD Ports Group has signed an MoU with the Egyptian Group for Multi-purpose Terminals , the commercial arm of the Egyptian Ministry of Transportation to jointly oversee the development and operation of Egypt’s Ain Sokhna Port.

By way of the MoU, the two sides organisations will collaborate to conduct a feasibility study into the future development of Ain Sokhna Port, explore potential investment opportunities to enhance its capacity and capabilities to help the port target untapped market segments and establish new revenue streams, according to news agency WAM.

The AD Ports Group will manage the research study for Ain Sokhna Port, which is expected to be conducted over six months, while the Egyptian Group for Multi-purpose Terminals will support the provision of financial, technical, environmental, commercial, and operational data necessary to ensure the study’s successful conclusion.

A second MoU, signed with the Egyptian Group for Multi-purpose Terminals and the River Transport Authority, will see collaboration on three main projects including building and operating a river port in Minya, managing and operating warehouses in Damietta, and equipping, managing and operating passenger lines in Greater Cairo.

“Today the continued cooperation between the two parties has achieved further successes, reflecting the close relations at all levels, and expanding the horizon of cooperation to include the potential management of a multi-purpose terminal at Ain Sokhna Port on the Gulf of Suez and collaboration on the operation of a river transport station in order to activate river transportation across the Nile,” said Rear Admiral Abdul Qadir Darwish, chairman of the Egyptian Group for Multi-purpose Terminals.

Saif Al Mazrouei, head of Ports Cluster at AD Ports Group added, “AD Ports Group is pleased to further our close relationship with the Egyptian Ministry of Transport and to coordinate with the River Transport Authority and the Egyptian Group for Multi-purpose Terminals on these latest projects to support Egypt’s efforts to further modernise its maritime infrastructure and service capabilities.”

Abu Dhabi-based AD Ports Group listed its shares on the Abu Dhabi Securities Exchange (ADX) main market and commenced trading on February 8. The integrated ports, logistics and industrial zone operator raised capital worth Dhs4bn through a primary issuance, which will be used to fund the company’s growth and expansion plans.

Read: AD Ports Group lists shares on Abu Dhabi Securities Exchange

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