Egypt signs deal with UAE's AD Ports to set up logistics zone
Egypt's Suez Canal Economic Zone has signed a 50-year concession deal with the United Arab Emirates' Abu Dhabi Ports (AD Ports) Group to set up a 20km 2 logistics and industrial zone east of Port Said, AD Ports' managing director said in a televised address on Sunday.
AD Ports has committed $120m (R2.20bn) for initial development and feasibility studies in the first phase, which covers an area of 2.8km 2 to be developed over three years.
It will include a 1.5km quay, potentially featuring a multipurpose cargo terminal, according to a cabinet statement.
The agreement is the latest in a series of investments by AD Ports in Egypt's maritime and logistics infrastructure.
Over the last three years, AD Ports acquired Egyptian maritime companies Transmar, TCI, and Safina
AD Ports has also signed long-term concessions to develop and operate cruise terminals at the Red Sea ports of Safaga, Hurghada, Al Sokhna and Sharm El-Sheikh, and to build and operate a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna.
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