Skip to content Skip to Search
Skip navigation

AD Ports to build and operate Red Sea ports

Adult, Male, Man Wam
Abu Dhabi's AD Ports Group has signed a number of agreements in Egypt in recent weeks

The UAE’s AD Ports Group has signed an agreement to build, develop, operate and maintain terminals for passengers and cruise lines at the Egyptian Red Sea ports of Hurghada, Safaga and Sharm El Sheikh.

“This contract will contribute to operating cruise lines between Zayed Port and Safaga, Hurghada and Sharm El Sheikh and, later, Arabian Gulf ports, Aqaba and Europe and Asia,” the Egyptian Ministry of Transport said in a statement published by the UAE state-owned Wam news agency.

The Abu Dhabi company last month announced it had signed an agreement with the Red Sea Ports Authority to develop and operate a multi-purpose terminal at Safaga port in Egypt.

The agreement will mean an investment of $200 million over three years to develop the first internationally operated port serving the Upper Egypt region.

The 810,000sq m terminal will feature a one-kilometre quay wall and is on track to become operational by 2025.

Latest articles

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

Mark Foster, who played professional rugby for Gloucester and now heads LIV Golf, says the sport is ripe for investment

LIV Golf chief says rugby next in line for Gulf funds

Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […]

Dubai mall Lamcy Plaza

Fire-hit Dubai shopping mall fails to attract auction bids

A Dubai shopping mall closed since a fire in 2017 has failed to attract interest from potential buyers after being put up for auction. The Lamcy Plaza mall went on auction earlier this month with a starting bid of AED200 million ($54 million), but received no offers. The five-storey neighbourhood mall, which opened in 1997, […]

Cenomi's Makkah Mall in Saudi Arabia. The company wants to challenge Dubai for the title of top retail location in the Gulf

Record footfall at Saudi Arabia’s largest mall operator

Cenomi Centers, Saudi Arabia’s biggest mall operator, said on Thursday it had seen record footfall of 31.7 million customer visits in the first quarter of 2024, highlighting the continued strength of the Saudi retail sector.  Net profit at the company, which runs 21 malls, was down 53 percent at SAR180.5 million ($48 million) after the […]