AD Ports, Suez Canal Economic Zone partner to develop projects in Egypt

AD Ports, Suez Canal Economic Zone partner to develop projects in Egypt

UAE’s AD Ports Group has partnered with Egypt’s Suez Canal Economic Zone (SCZone) to develop several projects in ports within the economic zone as the ports operator is bolstering its operations in the North African country. AD Ports will develop projects in the ports of East Port Said, West Port Said and Al Areesh, SCZone said in a statement. Earlier in March, President Abdel Fattah El-Sisi met Mohamed Juma Al Shamisi, AD Ports’ managing director and group CEO, in Cairo to discuss the ongoing cooperation and development of the logistics and maritime sectors in the country. Al Shamisi said the meeting allowed the group to present its plans for strategic expansion in Egypt where the firm sees vast investment opportunities backed by ambitious economic development plans. Meanwhile, the partnership between AD Ports and SCZone comes a week after the ports operator signed a 30-year concession agreement worth $200m (EGP6.2bn) to develop, manage and operate the Egyptian multi-purpose terminal in the Red Sea port of Safaga. Abu Dhabi-based firm said it will invest in superstructure and equipment, buildings as well as real estate facilities and utilities’ network inside the concession area. Much of the capital expenditures will be invested in the