Abu Dhabi-based AD Ports Group has sealed a framework agreement with the Egyptian government to explore building, operating and transferring an economic zone in East Port Said.
Under the framework agreement, AD Ports Group and the Suez Canal Economic Zone (SC Zone) will explore the building, operation, and transfer (BOT) of the East Port Said Industrial Zone near the Mediterranean entrance to the Suez Canal, the first of its kind to serve the Mediterranean region.
The agreement follows a preliminary agreement signed with SC Zone in March 2023.
Over the last three years, AD Ports Group – an integrated trade, transport, logistics and economic zones group with a maritime fleet of 254 vessels and 33 port terminals – has entered the Egyptian market with the acquisition of Egyptian maritime companies Transmar, TCI, and Safina B.V.
The group 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 automotive terminal in Al Sokhna.
Captain Mohamed Juma Al Shamisi, managing director and group CEO, AD Ports Group, said: “We are working with the Egyptian government to bring growth, jobs and prosperity to the people of Egypt.
“Today’s signing of the framework agreement with SCZone would enable strategic infrastructure projects in the Mediterranean Sea region that would leverage Egypt’s return from global trade flows, driving economic growth and advancing the Group’s portfolio of value-added investments.’’
