Abu Dhabi, UAE – AD Ports Group signed a 30-year, $500 million concession agreement with Congo for managing and operating the New East Mole Terminal in Pointe-Noire in the African country.
It will invest more than $500 million in the development and functioning of the “New East Mole Port” which will handle containers, general cargo, break-bulk and other types of cargo.
Around $220 million is allocated for phase 1, expected to be completed over the next 30 months.
Also, it can extend the agreement for 20 years on the same terms and conditions, reports said.
The Group will provide the facility with digital services and technology solutions to enhance its efficiency, including design, implementation and operation of a single-window, software development, digital architecture, business analytics, digital operations support and digital transformation.
Pointe Noire is the main commercial center of the Congo, and its port plays a key role in the economy and development of the nation and wider region.
The collaboration is likely to help stimulate trade and enhance connectivity for the country, which is pursuing a new National Development Plan (NDP) focusing on economic diversification and high, resilient and inclusive growth.
In 2021, the UAE exported goods worth US$137 million to the Congo, with the main exported products being cars for US$35 million, according to the Observatory of Economic Complexity (OEC).
During the last 16 years, the exports of the UAE to the Congo have increased at an annualized rate of 5.6 percent, from $57 million in 2005 to $137 million in 2021.
In 2021, the Congo exported goods worth $1.75 billion to the UAE, with the main exported products being Refined Copper ($1.6 billion) and Gold ($70.6 million), according to the OEC.
During the last 16 years, the exports of the Congo to the UAE have increased at an annualized rate of 30 percent, from $26 million in 2005 to $1.75 billion in 2021.