AD Ports Group, Red Sea Port Authority in initial 15-year concession agreement – Gulf Today

AD Ports Group, Red Sea Port Authority in initial 15-year concession agreement – Gulf Today

Dignitaries greet each other after the signing ceremony.

AD Ports Group today initialled a 15-year concession agreement with the Red Sea Port Authority (RSPA), to operate and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh ports.

The agreement also encompasses the renovation of the Sharm El Sheikh terminal, with the ultimate aim of enhancing the cruise tourism experience in Egypt. A definitive concession agreement is expected to be concluded in the first quarter of 2024, subject to regulatory approvals.

The concession agreement was initialled in the presence of Lieutenant-General Eng. Kamel El Wazir, Egypt’s Minister of Transport, by Major General Mohamed Abdel Rahim, Chairman of the Board of Directors of the Red Sea Ports Authority and Ahmed Al Mutawa, Regional CEO, AD Ports Group, at the Egyptian Ministry of Transportation in New Capital City - Cairo.

The collaboration will see AD Ports Group investing US$3 million over 15 years in the management and operation of the three cruise terminals to provide new services, improve access for cruise operators and add new itineraries through the Group’s cruise terminal network in the Red Sea.

This will strengthen AD Ports Group’s cruise business in the Red Sea region, supporting volumes of cruise passengers