Abu Dhabi Ports Group initiated a 15-year concession agreement with the Red Sea Port Authority (RSPA) to operate and manage three cruise terminals at Safaga, Hurghada, and Sharm el-Sheikh ports.
Hurghada, Egypt © Mena Today
Abu Dhabi Ports Group initiated a 15-year concession agreement with the Red Sea Port Authority (RSPA) to operate and manage three cruise terminals at Safaga, Hurghada, and Sharm el-Sheikh ports.
The agreement also encompasses the renovation of the Sharm el-Sheikh terminal, aiming to enhance the cruise tourism experience in Egypt.
A definitive concession agreement is expected to be concluded in the first quarter of 2024, subject to regulatory approvals.
The concession agreement was initialed in the presence of Egypt’s Minister of Transport, Kamel El Wazir, by RSPA Chairman Mohamed Abdel Rahim, Regional CEO of AD Ports Ahmed al-Mutawa, in the New Capital City, Cairo.
The collaboration will see AD Ports Group investing $3 million over 15 years in managing and operating the three cruise terminals to provide new services, improve access for cruise operators, and add new itineraries through the Group’s cruise terminal network in the Red Sea.
It will strengthen AD Ports Group’s cruise business in the Red Sea region, supporting volumes of cruise passengers and elevating passenger and cruise experiences.
According to the WAM news agency, Mutawa said “the agreement is a testament to our commitment to fostering tourism in the Red Sea region and strengthening the existing ties between the UAE and Egypt.”
“With an investment of $3 million, AD Ports Group is poised to boost cruise tourism in the Red Sea, bringing world-class services and facilities to these ports while supporting economic growth for Egypt.”
The partnership comes in the wake of signing a definitive concession agreement between AD Ports Group and RSPA for developing and operating a multi-purpose terminal at Safaga Sea Port.
The news agency reported that the collaboration will see an investment of $200 million over three years, aimed at developing a state-of-the-art facility within the strategic location of the Red Sea.
It will be the first internationally operated port serving the Upper Egypt region.
AD Ports Group inaugurated the Aqaba Cruise Terminal, the first-of-its-kind facility in Jordan.
The new addition to the Group’s Red Sea portfolio forms part of its global cruise expansion strategy aimed at elevating passengers’ cruise experience.
The United Arab Emirates has welcomed the signing of the peace agreement between the Democratic Republic of the Congo (DRC) and the Republic of Rwanda, describing it as a pivotal step toward restoring peace, security, and stability across Africa.
The Egyptian government has successfully completed its second sovereign sukuk issuance, valued at $1 billion, as part of its broader strategy to diversify financing tools and investor bases.
Many airline services remain disrupted in the Middle East arising from the 12-day air war between Iran and Israel that ended with a U.S.-brokered ceasefire that took hold on Tuesday.
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