AD Ports Group also Initialled two other Concession Agreements with the General Authority of the Suez Canal Economic Zone for Ro-Ro and Cruise Terminals in Sokhna Port
Abu Dhabi, UAE – 12 June 2024: AD Ports Group (ADX:ADPORTS), a leading global facilitator of logistics, industry and trade today signed a definitive concession agreement with the Red Sea Ports Authority (RSPA) to develop, operate and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh ports.
AD Ports Group's total investment of USD 4.7 million over the next 15 years will cover management and operations of the three cruise terminals - expected to be operational in 2025 - 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 agreement further strengthens AD Ports Group's cruise business in the Red Sea region, supports volumes of cruise passengers and elevates passenger and cruise experiences.
The definitive agreement was signed at the Egyptian Cabinet headquarters in Cairo in the presence of His Excellency Dr. Mostafa Madbouly, Egypt's Prime Minister, His Excellency Lieutenant-General Eng. Kamel El Wazir, Egypt's Minister of Transport; Her Excellency Mariam Al Kaabi, Ambassador of the UAE to Egypt, and Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, by Ahmed Al Mutawa, Regional CEO, AD Ports Group; and Major General Osama Saleh, Vice- Chairman of the Board of Directors of the Red Sea Port Authority.
Furthermore, AD Ports Group and the General Authority of the Suez Canal Economic Zone (SCZONE) initialled two 30-year concession agreements for the development, management, and operations of a Ro-Ro terminal and a cruise terminal at Sokhna Port.
Captain Mohammed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: 'We're happy to build upon our initial agreement signed earlier in January. Today's signings reaffirm our commitment to bolstering the cruise tourism sector in the Red Sea, through providing world-class facilities and services to passengers, while further strengthening bilateral ties between the UAE and Egypt, in line with the vision of our wise leadership.'
He added: 'Sokhna is strategically positioned on the western shore of the Gulf of Suez. We are keen on collaborating with our partners at the General Authority of the Suez Canal Economic Zone to fulfil the region's requirement for prime Cruise and Ro-Ro services.'
The agreements reaffirm strong bilateral ties between the two nations and follow a definitive concession agreement signed in December 2023 with the Red Sea Ports Authority ('RSPA') for the development and operations of a multi-purpose terminal at Safaga Port, bound to be the first internationally operated port serving the Upper Egypt region with investment of US$ 200 million made over three years.
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