UAE expands footprint in Egypt with new $120 million port and logistics deal
Egypt's Suez Canal Economic Zone has signed a 50-year concession agreement with the UAE's Abu Dhabi Ports Group (AD Ports) to establish a 20-square-kilometre logistics and industrial hub east of Port Said.
Egypt's Suez Canal Economic Zone signs a 50-year concession agreement with UAE's AD Ports.
AD Ports to invest $120 million in initial development and feasibility studies for the first phase.
The project includes a 1.5-kilometer quay and potential multipurpose cargo terminal.
Egypt's Suez Canal Economic Zone has signed a 50-year concession agreement with the UAE's Abu Dhabi Ports Group (AD Ports) to establish a 20-square-kilometre logistics and industrial hub east of Port Said, the group's managing director announced in a televised address on Sunday.
As part of the deal, AD Ports will invest $120 million in initial development and feasibility studies for the first phase, which spans 2.8 square kilometres and is set to be developed over the next three years, Reuters reported.
The project will include a 1.5-kilometer quay, with plans for a potential multipurpose cargo terminal, according to a statement from Egypt's cabinet.
This agreement marks the latest in a series of strategic investments by AD Ports to expand its presence in Egypt's maritime and logistics sectors.
Over the past three years, the company has acquired several Egyptian maritime firms, including Transmar, TCI, and Safina B.V.
Additionally, AD Ports has secured long-term concessions to develop and operate cruise terminals at key Red Sea ports, Safaga, Hurghada, Al Sokhna, and Sharm El-Sheikh, and to construct and manage a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna.
Gulf states deepen African ties
Middle Eastern countries have been ramping up their interest in Africa through a wave of investments.
Just last week, Business Insider Africa reported that nations from the region have either expressed interest in or closed deals totalling at least $6 billion in African energy assets in recent weeks, a clear sign of their growing appetite for investments on the continent.
This heightened engagement aligns with a broader push by Gulf states to expand their energy footprint in Africa. According to an African Export-Import Bank report, bilateral trade between Africa and the UAE alone surged 38% over two years, reaching $86 billion by the end of 2023.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Japan trade negotiator Akazawa says he made progress in US tariff talks
By Tim Kelly TOKYO (Reuters) -Japan had made some progress in a fifth round of trade talks with U.S. officials aimed at ending tariffs that are hurting Japan's economy, Tokyo's chief tariff negotiator said. "Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50% along with 10% general tariff. These are causing daily losses to Japan's economy," Ryosei Akazawa, said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Akazawa declined to say what progress they had made. The latest round of talks may be the last in-person meeting between senior Japanese and U.S. officials before the Group of Seven (G7) leaders summit that starts on June 15, where U.S. President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba. Japan also faces a 24% tariff rate starting in July unless it can negotiate a deal with Washington. "We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made," Akazawa said. "Still we must balance urgency with a need to guard our national interests," he added. Last month Japan's trade negotiator said U.S. defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the U.S., Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the U.S. auto industry, the Asahi newspaper reported on Friday. Akazawa said Japan's position has not changed and that the tariffs are not acceptable. Sign in to access your portfolio
Yahoo
3 hours ago
- Yahoo
EchoStar prepares potential bankruptcy filing amid FCC review, WSJ reports
(Reuters) -EchoStar is considering a Chapter 11 bankruptcy filing as the telecommunications services firm vies to shield its cache of wireless spectrum licenses from the threat of revocation by federal regulators, the Wall Street Journal reported on Friday, citing people familiar with the matter. The company declined to comment on the report. Last month, the Federal Communications Commission (FCC) notified EchoStar it was investigating the company's compliance with certain federal obligations to provide 5G service in the U.S., questioning EchoStar's buildout extension and mobile-satellite service. FCC's actions have severely limited the company's ability to make strategic decisions regarding the growth and investment of its Boost Mobile business, according to a regulatory filing by the company last month. EchoStar has previously disclosed that it missed roughly $500 million in interest payments, citing uncertainty around the ongoing FCC review. U.S. satellite TV provider DirecTV terminated its agreement to acquire EchoStar's satellite television business last year, which includes rival Dish TV, over a failed debt-exchange offer.
Yahoo
3 hours ago
- Yahoo
Japan trade negotiator Akazawa says he made progress in US tariff talks
By Tim Kelly TOKYO (Reuters) -Japan had made some progress in a fifth round of trade talks with U.S. officials aimed at ending tariffs that are hurting Japan's economy, Tokyo's chief tariff negotiator said. "Tariffs have already been imposed on autos, auto parts, steel and aluminum, and some of them have doubled to 50% along with 10% general tariff. These are causing daily losses to Japan's economy," Ryosei Akazawa, said in Washington on Friday after talks with officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Akazawa declined to say what progress they had made. The latest round of talks may be the last in-person meeting between senior Japanese and U.S. officials before the Group of Seven (G7) leaders summit that starts on June 15, where U.S. President Donald Trump is expected to meet Japanese Prime Minister Shigeru Ishiba. Japan also faces a 24% tariff rate starting in July unless it can negotiate a deal with Washington. "We want an agreement as soon as possible. The G7 summit is on our radar, and if our leaders meet, we want to show what progress has been made," Akazawa said. "Still we must balance urgency with a need to guard our national interests," he added. Last month Japan's trade negotiator said U.S. defence equipment purchases, shipbuilding technology collaboration, a revision of automobile import standards and an increase in agricultural imports could be bargaining chips in tariff talks. In a bid to reach an agreement with the U.S., Japan is also proposing a mechanism to reduce the auto tariff rate based on how much countries contribute to the U.S. auto industry, the Asahi newspaper reported on Friday. Akazawa said Japan's position has not changed and that the tariffs are not acceptable. Sign in to access your portfolio
