Abu Dhabi Ports Group (AD Ports Group) has signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Terminals and the Egyptian Ministry of Transportation to develop and operate a multipurpose terminal in Safaga Port, says release.
Under the agreement, 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 MoU aims to support the growth of the Middle East’s industrial and logistics sectors, as well as assist in operating new markets for Egyptian exports via direct maritime routes across the Arabian Gulf, East Asia, and Africa regions.
“We are pleased to sign this MoU with the Egyptian Group for Multipurpose Terminals, which falls in line with AD Ports Group’s efforts to promote trade relations with Arab sister nations, as well as our commitment to expand regional and global reach as a leading enabler of global trade and logistics,” said Saif Al Mazrouei, Head of Ports Cluster for AD Ports Group.
“The strategic location of Safaga Port on the Red Sea holds great potential for a significant role within the global supply chain. We are confident that the cooperation will prove beneficial for both sides, as it combines the unique characteristics of Safaga Port with the long-standing expertise offered by AD Ports Group in managing and operating maritime terminals, along with the group’s extensive capabilities in delivering end-to-end services across the entire supply chain.”
Rear Admiral Abdul Qadir Darwish, Chairman of the Egyptian Group for Multipurpose Terminals, added “The investment environment in Egypt is rich with opportunities, and it is crucial that we advance and enhance seaports in Egypt so that they become centres for further commercial development, and competitive with other international ports. In turn, this will greatly benefit our nation’s national economy.”
AD Ports Group has also previously signed an MoU with the General Company for Ports of Iraq (GCPI) to promote cooperation and investments. Announced in September 2021, the collaboration will oversee the management and operation the Iraqi company’s ports, economic zones and other infrastructure.