Egypt’s Suez Canal signs a 50-year concession agreement with Abu Dhabi Ports Group
The UAE's Abu Dhabi Ports Group (AD Ports) and Egypt's Suez Canal Economic Zone have signed a 50-year concession agreement
Quick overview
- The UAE's AD Ports Group and Egypt's Suez Canal Economic Zone have signed a 50-year concession agreement to create a logistics and industrial hub near Port Said.
- The first phase of the project will span 228 square kilometers and require a $120 million investment from AD Ports for feasibility studies and initial development.
- The hub will include a 1.5-kilometer quay and plans for a multipurpose cargo terminal, as AD Ports expands its presence in Egypt's logistics sector.
- Bilateral trade between Africa and the UAE has surged by 38% over two years, reaching $86 billion by the end of 2023.
The UAE’s Abu Dhabi Ports Group (AD Ports) and Egypt’s Suez Canal Economic Zone have signed a 50-year concession agreement to establish a logistics and industrial hub covering 20 square kilometers east of Port Said, the group’s managing director stated in a televised speech on Sunday.
The first phase, which will be developed over the next three years and span 228 square kilometers, will require AD Ports to invest $120 million in feasibility studies and initial development as part of the agreement.
The project will feature a 1.5-kilometer quay and plans for a potential multipurpose cargo terminal.
AD Ports is making the latest strategic investments to expand its footprint in Egypt’s logistics and maritime industries. Transmar, TCI, and Safina B are among the Egyptian maritime companies that the firm has acquired in the past three years.
AD Ports has secured long-term concessions to build and operate a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna, as well as to develop and operate cruise terminals at key Red Sea ports, including Safaga, Hurghada, Al Sokhna, and Sharm el-Sheikh, Middle Eastern nations have exhibited a growing interest in Africa.
Countries in the region have displayed an increasing appetite for investments on the continent by expressing interest in or concluding deals totaling at least $6 billion in African energy assets in recent weeks. This heightened involvement aligns with Gulf states’ broader initiative to enhance their African energy presence
Bilateral trade between Africa and the United Arab Emirates rose by 38% in just two years, reaching $86 billion by the end of 2023, according to a report by the African Export-Import Bank.
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