Posted on November 11, 2021
AD Ports Group said on Tuesday that it has signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation, for the development and operation of a multipurpose terminal in Safaga Port on the Red Sea.
The signing was conducted on the sidelines of TransMEA 2021 event.
Under the MoU, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to developing and operating a multipurpose terminal in Safaga Port, the Group said in a press statement.
It said the MoU will assist in opening new markets for Egyptian exports via direct maritime routes across the Arabian Gulf, East Asia, and Africa regions, and also facilitate commercial activities operating within the Golden Triangle and Upper Egypt.
AD Ports Group’ portfolio comprises 11 ports and terminals in the UAE and Guinea, and more than 550 square kilometres of industrial zones within Khalifa Industrial Zone Abu Dhabi (KIZAD) and ZonesCorp, the largest integrated trade, logistics, and industrial business grouping in the Middle East, according to the press statement.
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
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