AD Ports Group has recently finalized the signing of a concession agreement to commence the development of a multi-purpose terminal at Safaga Sea Port. This strategic move underscores the commitment to enhance the port's capabilities and further contribute to the region's economic growth. The development of the terminal is poised to facilitate diverse operations and bolster the port's position as a key maritime hub. This initiative aligns with AD Ports Group's vision to drive sustainable development and elevate the efficiency of port facilities.
AD Ports Group has signed a concession agreement with the Red Sea Ports Authority (RSPA) to develop and operate a new multi-purpose terminal at Safaga Sea Port in Egypt.
AD Ports will invest $200 million over three years, aimed at developing “a state-of-the-art facility” and will be the first internationally operated port serving the Upper Egypt region.
Terminal Features
The terminal, of approximately 810,000 square metres, will feature a 1,000-metre quay wall and will handle dry bulk, liquid bulk, containerised cargo, and ro-ro vessels.
Economic Impact
This project is expected to bring substantial economic impact, with cost savings and efficiency improvements to traders and businesses in the region. The terminal should become operational by 2025, said AD Ports.
Statements from AD Ports Group
“We are delighted to have signed the definitive concession agreement to develop and operate a multi-purpose terminal in Egypt’s Safaga Port. The confidence and trust placed by the Egyptian government and our partners is a testament in AD Ports Group’s capabilities and experience in developing ports and terminals infrastructure,” said Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group said.
“With this project, our Group will demonstrate its commitment to enhancing the efficiency of global supply chains, creating faster trade routes, and providing diverse logistics solutions for our key strategic trading partners,”
Saif Al Mazrouei, CEO of Ports Cluster at AD Ports Group, added: “AD Ports Group’s expertise in port infrastructure development and operations positions us uniquely to leverage those skills and knowledge to play a key role in the next stage in the evolution of Safaga Port. Moreover, Safaga’s strategic position on the Red Sea coast allowing to not only enhance our commercial offerings and diversify revenue streams, but also contribute to Egypt’s broader economic objectives, setting the stage for further cooperation and opportunities in other sectors,” added
Previous Agreement with Karachi Port Trust
In June this year, AD Ports signed a concession agreement with Karachi Port Trust (KPT), the Pakistani federal government agency that oversees the operations of the Port of Karachi.
Summary
The development and operation of the multi-purpose terminal at Safaga Sea Port stand as a testament to AD Ports Group’s unwavering dedication to elevating global supply chain efficiency, fostering expedited trade routes, and delivering diverse logistics solutions for their strategic trading partners. The anticipated operationalization of the terminal by 2025 holds promise for catalyzing substantial economic growth and underlines AD Ports Group’s pivotal role in shaping the future of port infrastructure development on an international scale.
(The article is sourced from seatrade-maritime.com and curated by Thetransporteronline24)
