AD Ports Group, Red Sea Port Authority initial 15-year concession agreement to boost cruise tourism in Egypt

AD Ports Group, Red Sea Port Authority initial 15-year concession agreement to boost cruise tourism in Egypt

CAIRO/WAM 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 ...

CAIRO/WAM

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