Egypt’s Suez Canal Economic Zone has signed a 50-year concession agreement with the United Arab Emirates’ Abu Dhabi Ports Group to develop a 20-square-kilometre logistics and industrial zone east of Port Said.
In a televised address on Sunday, 4 May, AD Ports’ managing director confirmed the deal, which will see the group invest $120 million in initial development and feasibility studies for the project’s first phase.
Covering 2.8 square kilometres over three years, the initial phase will include a 1.5-kilometre quay, with plans for 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 B.V.
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.
