AD Ports signs 30-year agreement to develop and operate Egypt’s Safaga Port – The National

AD Ports signs 30-year agreement to develop and operate Egypt’s Safaga Port – The National

AD Ports Group, the operator of industrial cities and free zones, signed a 30-year concession agreement with Egypt's Red Sea Ports Authority to develop and operate a multi-purpose terminal at Safaga Port to boost its operations in the country.

Safaga Port, scheduled to be operational in the second quarter of 2025, will be the first internationally operated port in the Upper Egypt region, AD Ports said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

AD Ports will invest up to Dh734 million ($200 million) in superstructure and equipment, buildings, and other real estate facilities and utilities’ networking inside the concession area, with most of that to be spent in 2024 and 2025, the statement said.