AD Ports to Invest $200 Million in New Red Sea Port Terminal
01.05.2024 By Tank Terminals - NEWS

January 5, 2024 [Seatrade Maritime]-AD Ports Group has signed a concession agreement with the Red Sea Ports Authority (RSPA) to develop and operate a new multi-purpose terminal at Safaga Sea Port in Egypt.

AD Ports will invest $200 million over three years, aimed at developing “a state-of-the-art facility” and will be the first internationally operated port serving the Upper Egypt region.

The terminal, of approximately 810,000 square metres, will feature a 1,000-metre quay wall and will handle dry bulk, liquid bulk, containerised cargo, and ro-ro vessels.

This project is expected to bring substantial economic impact, with cost savings and efficiency improvements to traders and businesses in the region. The terminal should become operational by 2025, said AD Ports.

“We are delighted to have signed the definitive concession agreement to develop and operate a multi-purpose terminal in Egypt’s Safaga Port. The confidence and trust placed by the Egyptian government and our partners is a testament in AD Ports Group’s capabilities and experience in developing ports and terminals infrastructure,” said Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group said.

“With this project, our Group will demonstrate its commitment to enhancing the efficiency of global supply chains, creating faster trade routes, and providing diverse logistics solutions for our key strategic trading partners,”

Saif Al Mazrouei, CEO of Ports Cluster at AD Ports Group, added: “AD Ports Group’s expertise in port infrastructure development and operations positions us uniquely to leverage those skills and knowledge to play a key role in the next stage in the evolution of Safaga Port. Moreover, Safaga’s strategic position on the Red Sea coast allowing 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,” added

In June this year, AD Ports signed a concession agreement with Karachi Port Trust (KPT), the Pakistani federal government agency that oversees the operations of the Port of Karachi.

 

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