The UAE’s AD Ports Group announced it will invest US$501 million to manage and operate a multipurpose port in Congo after it won a 30-year concession, according to a statement issued by the Abu Dhabi Media Office.
AD Ports Group will have the full right to invest in the development, operation, management, and maintenance of the New East Mole Port.
The agreement runs for 30 years from the date of signing.
The signing of the concession agreement follows a previous Head of Terms agreement signed between the Abu Dhabi-based logistics and trade facilitator and the government of Congo, according to the statement.
AD Ports Group will have the right to further extend the concession for a further 20 years with the same terms and conditions.
The project, in which AD Ports will invest US$219.9 million in the first phase, is expected to be completed over the next 30 months.
1US$=3.67 AED
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