UAE's AD Ports to develop and operate terminal in Egypt's Safaga Port
Now Reading
UAE’s AD Ports to develop and operate terminal in Egypt’s Safaga Port

UAE’s AD Ports to develop and operate terminal in Egypt’s Safaga Port

AD Ports signed an MoU with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation

UAE-based AD Ports Group has signed an MoU with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation, to develop and operate a multipurpose terminal in Safaga Port.

Under the MoU, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to developing and operating a multipurpose terminal in Safaga Port, with both parties benefitting from the exchange of expertise and best practices.

The MoU aims to support the growth of the Middle East’s industrial and logistics sectors, as well as assist in opening new markets for Egyptian exports via direct maritime routes across the Arabian Gulf, East Asia, and Africa regions.

It will also facilitate commercial activities operating within the Golden Triangle and Upper Egypt.

The MoU was signed on the sidelines of the 4th Smart Transport, Logistics and Traffic Fair and Forum for the MEA Region (TransMEA 2021).

“The strategic location of Safaga Port on the Red Sea holds great potential for a significant role within the global supply chain. We are confident that the cooperation will prove beneficial for both sides, as it combines the unique characteristics of Safaga Port with the long-standing expertise offered by AD Ports Group in managing and operating maritime terminals, along with the group’s extensive capabilities in delivering end-to-end services across the entire supply chain,” said Saif Al Mazrouei, head of Ports Cluster, AD Ports Group.

Rear Admiral Abdul Qadir Darwish, chairman of the Egyptian Group for Multipurpose Terminals added, “The investment environment in Egypt is rich with opportunities, and it is crucial that we advance and enhance seaports in Egypt so that they become centres for further commercial development, and competitive with other international ports. In turn, this will greatly benefit our nation’s national economy.”

Read: ADQ announces intent to list Abu Dhabi Ports on ADX

In September, Abu Dhabi-based holding company ADQ said that it intends to proceed with listing shares of the Abu Dhabi Ports Company on the Abu Dhabi Securities Exchange (ADX).

The proposed listing is currently expected to occur before the end of 2021, subject to market conditions and obtaining relevant regulatory approvals.

For the year ended December 31, 2020, Abu Dhabi Ports reported revenue of Dhs3.4bn, a growth of Dhs0.7bn compared to 2019.

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top