Transport AD Ports to invest $200m to develop Egypt’s Safaga port By Pramod Kumar December 28, 2023, 4:57 AM WAM Ahmed Al Mutawa, regional CEO, AD Ports Group and Osama Saleh, vice-chairman of Red Sea Port Authority sign the agreement in the presence of Egypt’s Prime Minister Mostafa Madbouly AD Ports Group of Abu Dhabi has signed a concession 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 UAE state-run Wam news agency reported. The total investment will cover superstructure, equipment, buildings and utilities within the concession area to create advanced facilities and infrastructure. UAE’s AD Ports plans to buy stake in Turkish port Egypt gets $455m to build new container port Abu Dhabi Ports in green steel deal with UK producer The 810,000 sq m terminal will feature a one kilometre quay wall. It will handle diverse cargo types, including dry bulk, liquid bulk, containerised cargo, and Ro-Ro. The terminal is on track to become operational by 2025. “This significant milestone embodies the strength of trade ties between the two nations and the keenness of the UAE’s wise leadership to continue supporting the ambitious development plans of the Egyptian government,” said Mohamed Juma Al Shamisi, managing director and group CEO of AD Ports Group. “Through this agreement, we aim to spur economic development, create jobs, boost local industries, and attract further investments into the region,” he said. Saif Al Mazrouei, CEO of ports cluster at AD Ports Group, said Safaga’s strategic position on the Red Sea coast allows AD Ports to enhance its commercial offerings, diversify revenue streams and contribute to Egypt’s broader economic objectives. Earlier this month, the UAE renewed its $1 billion deposit with the Central Bank of Egypt for an additional three years. The deposit, which matured in June this year, has been extended until June 2026, Egypt Today newspaper reported, quoting a central bank report.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
