AD Ports Finalizes Agreement to Develop New Terminal at Egypt’s Safaga PortSource: www.export-egypt.com 12/27/2023, Location: Africa |
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Abu Dhabi Ports Group signed a 30-year definitive concession agreement with the Red Sea Ports Authority (RSPA) for the development and operation of the Safaga 2 multi-purpose terminal at Safaga Sea Port with $200 million in investments over three years.
The project will be the first internationally operated port on the Red Sea serving the Upper Egypt region, AD Ports Group announced in a statement. The total investment will cover the construction of superstructure, equipment, buildings, and utilities within the concession area. The new terminal is set to become operational by 2025. The terminal, spanning approximately 810,000 square metres, will feature a 1,000-metre quay wall and will handle diverse cargo types, including dry bulk, liquid bulk, containerized cargo, and roll-on/roll-off (RORO) ships, which are cargo ships designed to carry wheeled cargo, such as cars, motorcycles, trucks, semi-trailer trucks, buses, trailers, and railroad cars. The Safaga 2 terminal is a part of the integrated logistics path Safaga - Qena - Abu Tartur cargo track which will serve Upper Egypt, Minister of Transport Kamel El-Wazir noted, as per a Cabinet statement. El-Wazir stated that the ministry has invested EGP 3.6 billion (about $116 million) in the project. Around 85 percent of the project’s infrastructure has been completed and the remainder is expected to be wrapped up by April 2024, before the superstructure works start in the second quarter of the same year, the minister revealed. “The confidence and trust placed by the Egyptian government and our partners is a testament to AD Ports Group’s capabilities and experience in developing ports and terminals infrastructure,” said Mohamed Juma Al-Shamisi, the group’s managing director and CEO. “Safaga's strategic position on the Red Sea coast allows us 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 Saif Al-Mazrouei, CEO of ports cluster at AD Ports Group. In March, AD Ports Group and the RSPA signed a 30-year concession agreement to develop and operate a multi-purpose terminal at Safaga Port, along with other agreements. Egypt is striving to attract foreign investment, particularly from Gulf nations to help its economy recover and fulfil its commitments to the International Monetary Fund (IMF) under the $3 billion loan deal signed last year. In May, Minister of Transport Kamel El-Wazir said Egypt was seeking partners in the UAE to invest in some of the $20 billion worth of projects planned in the country’s transport sector. Emirati investments in the country surged 300 percent to reach $5.7 billion in FY2021/2022, up from $1.4 billion in FY2020/2021. |
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