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AD Ports inks 15-year agreement to develop 3 cruise terminals in Egypt

AD Ports inks 15-year agreement to develop 3 cruise terminals in Egypt
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AD Ports Group
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Abu Dhabi – Mubasher: AD Ports Group has signed a definitive concession agreement with Egypt's Red Sea Ports Authority (RSPA) to invest $4.70 million over 15 years to develop and operate three cruise terminals in the Red Sea region.

The agreement will see cruise terminals developed in Safaga, Hurghada, and Sharm El Sheikh ports, expected to be operational by 2025, according to a press release.

It strengthens AD Ports' cruise business in the region and supports increased passenger volumes and experience.

Separately, AD Ports initialled two 30-year agreements with the Suez Canal Economic Zone to develop and run a ro-ro and cruise terminal at Sokhna Port.

The deals follow an agreement last month for AD Ports to invest $200 million in a multi-purpose terminal at Safaga Port, the first internationally operated facility in Upper Egypt.

They reinforce strategic ties between the UAE and Egypt and AD Ports' role in developing infrastructure and boosting regional trade.

Mohammed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: “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.”

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.”

In the first quarter (Q1) of 2024, AD Ports Group posted net profits attributable to the equity holders of AED 313.83 million, down from AED 330.93 million a year earlier.