AD Ports Group has signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Terminals for the deployment and operation of a multipurpose terminal in Safaga Port.
Under the MoU, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to developing and operating the terminal.
Saif Al Mazrouei, head of ports cluster at AD Ports Group, said: “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 he group’s extensive capabilities in delivering end-to-end services across the supply chain.”
The MoU aims to support the growth of the Middle East’s industrial and logistics sectors and facilitate commercial activities operating within the Golden Triangle and Upper Egypt.
Additionally, the two companies hope to open new markets for Egyptian exports via direct maritime routes across the Arabian Gulf, East Asia and Africa regions.
Rear Admiral Abdul Qadir Darwish, chairman of the Egyptian Group for Multipurpose Terminals, said: “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.”