Abu Dhabi Ports Group and Egypt’s Red Sea Ports Authority have signed a term sheet and a head of terms agreement for the development of major port projects along Egypt’s coast.
Under the first pact, AD Ports Group develop, operate, and manage a multipurpose terminal in Safaga seaport in a consortium with the Red Sea Ports Authority and the Egyptian Group for Multipurpose Terminals Company, the commercial arm of the Egyptian Ministry of Transportation.
The second agreement covers the development, operation, and management of cruise ship berths and terminals at Sharm El Sheikh, Hurghada and Safaga ports, and to provide support services to help extend cruise tourism in Egypt, media reports said.
AD Ports Group will also develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba, the UAE-based port operator said in a filing on the Abu Dhabi Stock Exchange on Thursday.
In March, AD Ports Group signed deals with the Egyptian Group for Multipurpose Terminals related to the development and operation of Ain Sokhna Port, a major international gateway for Egypt.
In Nov 2021, the port operator had signed an 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.