Abu Dhabi-based exclusive port developer and regulator AD Ports Group signed a concession agreement to build and operate Egypt’s Safaga port for 30 years in a deal worth USD 200 million. The group will invest most of the capital by 2024-25 in building the superstructure and equipment, buildings and other real estate projects and utilities network within the concession area.
As per the statement released by the group on Saturday, they have also signed a Memorandum of Understanding, two more 15-year agreements to construct two cement terminals in West Port Said Port and Al Arish Port, and three Head of Terms (HoT) for the ports in Egypt’s Red Sea and Mediterranean Sea regions.
The Safaga Port terminal is expected to cover around 810,000 square meters and become operational by Q2 2025. It will have a quay wall of approximately 1,000 meters, a handling capacity of 1 million tonnes of liquid bulk, 5 million tonnes of dry bulk and general cargo, and 450K TEUs of containerised shipments.
