Posted on November 25, 2024
Cairo, Egypt / Abu Dhabi, UAE – AD Ports Group, a leading facilitator of global trade, logistics and industry (ADX: ADPORTS), announced today the signing of a framework agreement with the Egyptian government to explore building, operating and transferring an economic zone in East Port Said.
The signing took place at the Egyptian Cabinet headquarters in the New Administrative Capital in Cairo, in the presence of His Excellency Dr Mostafa Madbouly, Egypt’s Prime Minister, His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, His Excellency Lieutenant General Engineer Kamel Al Wazir, Egyptian Minister of Industry and Transport, and Her Excellency Mariam Al Kaabi, UAE Ambassador to the Arab Republic of Egypt. The signing was conducted by Ahmed Al Mutawa, Regional CEO of AD Ports Group and Walid Gamal El Din, Chairman of the Suez Canal Economic Zone.
Under the framework agreement, AD Ports Group and the Suez Canal Economic Zone (SC Zone) will explore the building, operation, and transfer (BOT) of the East Port Said Industrial Zone near the Mediterranean entrance to the Suez Canal, the first of its kind to serve the Mediterranean region.
The agreement follows a preliminary agreement signed with SC Zone in March 2023.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “AD Ports Group partners with governments for the long-term development of their economies, inspired by the vision of our wise leadership. We are working with the Egyptian government to bring growth, jobs and prosperity to the people of Egypt. Today’s signing of the framework agreement with SCZone would enable strategic infrastructure projects in the Mediterranean Sea region that would leverage Egypt’s return from global trade flows, driving economic growth and advancing the Group’s portfolio of value-added investments.’’
The UAE and Egypt enjoy a close and fruitful relationship, and the signing of the framework agreement will further enhance the ties between both countries.
Over the last three years, AD Ports Group has entered the Egyptian market with the acquisition of Egyptian maritime companies Transmar, TCI, and Safina B.V. The Group has also signed long-term concessions to develop and operate cruise terminals at the Red Sea ports of Safaga, Hurghada, Al Sokhna and Sharm El-Sheikh, and to build and operate a multipurpose port in Safaga and a Ro-Ro automotive terminal in Al Sokhna.
AD Ports Group is an integrated trade, transport, logistics and economic zones group with a presence in more than 50 countries. Based in Abu Dhabi, AD Ports Group has a maritime fleet of 254 vessels, 33 port terminals, a global logistics business that is a leading supplier of vertically integrated services to the auto industry, and an industrial land bank of about 550km2, the largest integrated trade, logistics, and industrial business grouping in the Middle East.
