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AD Ports Group finalizes concession agreement for Safaga Sea Port terminal: UAE-based port operator AD Ports Group has inked a definitive 30-year concession agreement with Egypt’s Red Sea Ports Authority (RSPA) for the development and operation of a multi-purpose terminal at Safaga Port, according to an AD Ports press release and an Egyptian cabinet statement. The final agreement follows approval by Egypt’s government in October, and makes the terminal the first internationally operated terminal to serve Upper Egypt, the statement said.
The details: The agreement will see AD Ports invest some USD 200 mn across three years to develop the facility, including developing superstructure and buildings, and providing equipment and utilities, according to the press release. The terminal is slated to be operational by 2025.
About the terminal: The 810k square meter terminal will include a 1k meter quay wall, and is poised to handle varied cargo types, including dry bulk, liquid bulk, containerised cargo, and roll-on/roll-off (ro-ro), the release adds. It will have the capacity to handle some 1 mn tons of containers a year, in addition to 7 mn tons of general cargo, according to the statement.
Background: The two sides initially inked the agreement to hand over operations of the terminal to AD Ports in March 2023. Safaga Port is currently undergoing developments, with infrastructure developments set to be wrapped in April, and superstructure developments expected to follow in 2Q 2024, according to the cabinet statement.
