Skip to content Skip to Search
Skip navigation

AD Ports to build and operate Red Sea ports

By Shane McGinley
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

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]