Abu Dhabi Ports Group inks deals with Red Sea Ports Authority on project in Egypt

Abu Dhabi Ports Group and Egypt’s Red Sea Ports Authority have signed a term sheet and a head of terms agreement for the development of major port projects along Egypt’s coast, Zawya reports.
Per the first deal, AD Ports Group develop will 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 Abu Dhabi group, according to the second agreement, will develop, operate and manage 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.
The company also indicated that it will develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba, the UAE-based port operator, backed by the sovereign wealth fund ADQ.
These new deals follow that of March. The AD Ports Group signed deals with the Egyptian Group for Multipurpose Terminals related to the development and operation of Ain Sokhna Port, a major international gateway for Egypt.

Written by