ABU DHABI, UAE: AD Ports Group and the Red Sea Ports Authority have signed a Term Sheet and a Head of Terms agreement for major port projects along the coast of Egypt.
The first agreement will see AD Ports Group develop, operate, and manage a multipurpose terminal in Safaga seaport in a consortium with the Red Sea Ports Authority and the Egyptian Group for Multipurpose Terminals Company, the commercial arm of the Egyptian Ministry of Transportation.
The second agreement covers the development, operation, and management of cruise ship berths and terminals at Sharm El Sheikh, Hurghada and Safaga ports, and to provide support services to help extend cruise tourism in Egypt. In addition, AD Ports Group will develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba.
The signing ceremony was witnessed by Lieutenant-General Engineer Kamel Al-Wazir, Minister of Transport of Egypt.
Established in 2006, AD Ports Group today serves as the region’s premier facilitator of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS), AD Ports Group’s vertically integrated business approach has proven instrumental in driving the emirate’s economic development over the past decade.
Operating several clusters covering Ports, Economic Cities & Free Zones, Maritime, Logistics, and Digital, AD Ports Group’s portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within KIZAD and ZonesCorp, the largest integrated trade, logistics, and industrial business grouping in the Middle East. AD Ports Group is rated A+ by S&P and A+’ Affirmed – Outlook Stable by Fitch.
