Abu Dhabi’s AD Ports Group has signed a 30-year concession agreement with Egypt to create and operate a USD 200 million multi-purpose port in Safaga.
According to Splash 247.com this latest agreement has been signed over and above two other 15-year agreements, three Heads of Terms, and a Memorandum of Understanding regarding ports in north Egypt in the Mediterranean and Red Sea.
The agreement marks the expanding development of AD Ports Group’s sea freight into Egypt, creating the firm's first international port in Egypt, and increasing access to multi-purpose terminals, cruise routes and logistic capabilities in Safaga, Ain Sokhna, Port Said, Hurghada, Sharm El Seikh and Al Arish.
The terminal is expected to be operational by the second quarter of 2025, covering a space of 810 000sqm with a quay wall of 1 000m and with capacity to handle five million tonnes of dry bulk and general cargo, one million tonnes of liquid bulk, 450 000 TEUs of containerised cargo and 50 000 CEUs of RORO.
The expansion includes an investment of up to USD200 million in superstructure, buildings, equipment, real estate facilities and utilities networks within the commissioned area.
Meanwhile, Logistics Middle East, reports that AD Ports Groups and the General Authority for the Suez Canal Economic Zone have also signed USD33 million agreements for the construction of two cement terminals at Al Arish Port and West Port Said, as well as silos that will have storage capacities of 60 000 tonnes and 30 000 tonnes respectively. The new facilities will have capacity to handle one million to 1.5 million tonnes of cargo annually by the fourth quarter of 2023.
