Agreements inked for port projects in Egypt
AD Ports Group and the Red Sea Ports Authority have signed a Term Sheet and a Head of Terms agreement for major port projects along Egypt’s coastline.
The first agreement will see AD Ports Group develop, operate, and manage a multi-purpose terminal in Safaga Port in a consortium with the Red Sea Ports Authority and the Egyptian Group for Multipurpose Terminals Company, the commercial arm of the Egyptian Ministry of Transportation.
In fact, the multi-purpose terminal project in Safaga Port is an important national project due to its strategic location on the Red Sea.
Upon completion in 2024, the terminal will offer berths of up to 1,000 meters capable of handling all types of general, dry and liquid bulk cargo.
As part of the agreement, the new joint venture will provide port users with a wide range of marine services.
These include dredging, services related to vessel traffic management, dangerous goods control, provision of navigation aids, fire prevention and firefighting, anchorage, as well as pilotage, towage, and mooring and unmooring solutions.
Also, the second agreement covers the development, operation, and management of cruise ship berths and terminals at Sharm El Sheikh, Hurghada and Safaga ports, and to provide support services to help extend cruise tourism in Egypt.