Dr.Al-Ganzory Witnesses Concession Contract

Prime Minister, Dr. Kamal Al-Ganzoury, witnesses signing ceremony of a concession contract on establishment and management of goods trading terminal in Al-Adabyia Port in Suez with capacity 5 million tons annually as Saudi-Chinese investments. The ceremony was attended by the Minister of Transport Dr. Galal Moustafa, Prince Sultan Bin Fahd Bin Abdel Aziz Al-Sauod, Saudi Ambassador to Egypt, Board Director of Al-Adabyoa Company for Maritime Management, Chinese Ambassador to Egypt. The contract signed between the General Authority for Red Sea Ports and Al-Adabyia Company for Maritime Management to implement design, establishment, management and redelivery of the bulk goods trading terminal in Al-Adabyia Port. General Mohamed Abdel Kader signed on behalf of the Red Sea Ports Authority, and Dr. Helmy Mahmoud Head of the Company signed on behalf of it.

The Minister of Transport confirmed that the terminal will be totally returned to the state including constructions and equipments amounting to EGP 2500 million by the end of the concession period subjected in the contract reaching 25 years. Trading fees during the contracting period will reach EGP 1500 million along to other sovereign fees to be collected on ships movement via Suez Canal. The Minister added that the terminal area to be establishment will reach 100,000 m inside the port borders and will finished over 33 months. The project also include establishment of maritime quay of length 650 m, along to importing and installing trading equipments and storing dry bulk goods. Al-Adabyia Port considers as one of the most important maritime ports specialized in goods trading nationwide, and implementing such project comes within projects planned to develop the port aiming to raise its trading efficiency where trading volume will increase from 3.5 million tons to 5 million annually over the five coming years.

Al-Adabyia Company which presented the best offer in the global bid for the project in 2009 composes of Saudi, Chinese and Egyptian investors and the project management will be through one of the largest companies specialized in maritime transport worldwide. Dr. Al-Ganzoury confirmed the importance of investment opportunities presented by the maritime ports to support the Egyptian economy, and these agreements helps finding jobs for people and attract investments. The signed contract also states that the company holds the concession contract will finance, develop, operate, maintain equipments and reform all utilities surrounding the concession area.