Abu Dhabi Ports Group has signed a 30-year concession agreement worth $200 million to develop and operate Egypt's Safaga Port. Additionally, Abu Dhabi Ports has signed two 15-year agreements to establish terminals at Al-Arish Port and West Port Said Port for handling cement, along with four preliminary agreements involving Egyptian ports along the Red and Mediterranean Seas.
As part of the concession agreement, Abu Dhabi Ports Group announced today, in a statement, that it will allocate a total investment of up to $200 million for developing infrastructure, equipping machinery, buildings, and other real estate facilities, as well as public service networks within the concession area. Most of these capital expenditures are expected to be spent between 2024 and 2025. Egyptian Transport Minister Kamel El-Wazir announced earlier today that the ministry had signed an agreement with Abu Dhabi Ports Group to manage and operate a multipurpose terminal at Safaga Port on the Red Sea.
