The port operator Abu Dhabi Ports Group (AD Ports) has signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation, for the joint development and operation of a multipurpose terminal in Egypt's Safaga Port.
The agreement will promote cooperation between the two parties who will exchange expertise and practices for the new terminal, while the Abu Dhabi-based company will explore investment opportunities and conduct feasibility and local market studies, related to developing and operating the Egyptian terminal.
"The MoU aims to support the growth of the Middle East’s industrial and logistics sectors, as well as assist in opening new markets for Egyptian exports via direct maritime routes across the Arabian Gulf, East Asia, and Africa regions," explained AD Ports.
In addition, the agreement will also facilitate commercial activities operating within the Golden Triangle and Upper Egypt, while it is also expected to elevate the country’s ability to compete with other nations that manufacture similar industrial products.
Saif Al Mazrouei, Head of Ports Cluster of AD Ports Group, said that the MoU falls in line with AD Ports Group’s efforts to promote trade relations with Arab sister nations, as well as with the group's commitment to expand regional and global reach.
Furthermore, the Chairman of the Egyptian Group for Multipurpose Terminals, Rear Admiral Abdul Qadir Darwish, expressed his appreciation for the newly announced cooperation with AD Ports Group, noting that the MoU will serve as a promising starting point for further collaborations, which will provide a wide range of services beneficial to each nation’s trade and logistics sectors.
Commenting on the MoU, Darwish said, "The investment environment in Egypt is rich with opportunities, and it is crucial that we advance and enhance seaports in Egypt so that they become centres for further commercial development, and competitive with other international ports."