AD Ports Group signs 30-year agreement to develop and operate Safaga Port in Egypt

AD Ports Group signs 30-year agreement to develop and operate Safaga Port in Egypt

Dubai: AD Ports Group has signed a concession agreement to develop and operate a multi-purpose port in Safaga in Egypt, said on Saturday. The ADX-listed entity also signed two agreements for the development of two cement terminals in Al Arish Port and West Port Said Port, and four Head of Terms (HoT) concerning ports located in Egypt’s Red Sea region and the Mediterranean Sea, enabling a major expansion of the Group’s activities into Egypt. These agreements allow for expanded access to multipurpose terminals, cruise routes, and logistics capabilities in Safaga, Ain Sokhna, Port Said, Hurghada, Sharm El Sheikh and Al Arish. AD Ports Group and the Red Sea Ports Authority signed a 30-year concession agreement that allows the group to develop and operate a multi-purpose terminal at Safaga Port, a strategic location on the Red Sea coast of Egypt. Safaga Port will be the first internationally operated port in the Upper Egypt region, bringing significant cost savings to traders, industries and businesses located in this region. “The terminal will be developed over an approximate area of 810,000 square meters and is set to be operational in Q2 2025,” AD Ports said in a statement. “It will boast a quay wall