Abu Dhabi firm to create new shipping terminals, cruise lines for Egypt
Egypt is seeking to increase revenues from its ports as the economy struggles.
A major Abu Dhabi-based company has agreed to help Egypt develop some of its ports.
AD Ports Group signed two agreements yesterday with the Red Sea Ports Authority. The first stipulates that AD Ports Group will develop, operate and manage a terminal in Port Safaga on the Red Sea. The terminal will include 1,000-meter (3,280-foot) docking sections capable of handling large cargo. The joint venture will provide an array of services to the terminal including traffic management, fire prevention and handling of hazardous materials, AD Ports Group said in a press release.
The second agreement declares that AD Ports Group will help “extend” cruise tourism in Egypt, specifically in the Safaga, Sharm el-Sheikh and Hurghada ports — all of which are on the Red Sea. AD Ports Group will also work to establish cruise ship lines connecting Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba in Jordan.
AD Ports Group is owned by Abu Dhabi Developmental Holding Company, one of the United Arab Emirates’ sovereign wealth funds.
