Abu Dhabi’s AD Ports Group and Egypt announced the signing of a US$200 million concession agreement to develop and operate Safaga port, Red Sea.
The concession agreement will due for 30 years between Egypt and AD ports.
The agreement’s purpose is to expand access to multi-purpose terminals and logistics capabilities in Safaga, Ain Sokhna, Port Said, Hurghada, Sharm Elsheikh, and Al Arish.
AD Ports Group will invest US$200 million in superstructure and equipment, buildings, and other real estate facilities and utilities network inside the concession area.
News reports show that the majority of the CapEx is to be spent during the next two years.
Two additional 15-year agreements, a memorandum of understanding (MoU), and three Head of Terms (HoT) concerning ports located in Egypt’s Red Sea region and the Mediterranean Sea.
Abu Dhabi Ports is part of AD Ports Group which operates ten ports and terminals in the UAE to help boost global trade and offer diversified logistic solutions.
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