Investments a-hoy: Shipping and logistics giants from China and closer to home in the UAE are getting ready to invest in our ports and the government is set to start work on a new port in Taba soon.

#1- Even more investments earmarked for our ports: Chinese shipping and logistics group Cosco Shipping will invest USD 375 mn this year to increase its container capacity at various Egyptian ports, Asharq Business quoted CEO Zhao Fengnian as saying.

#2- AD Ports is taking over three tourism terminals: AD Ports will develop, operate, and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh that will launch in 2025, after inking a concession agreement with the Red Sea Port Authority that will see AD Ports invest USD 4.7 mn over 15 years, the group said in a statement (pdf) yesterday. Under the agreement, AD Ports will “provide new services, improve access for cruise operators and add new itineraries through the Group’s cruise terminal network in the Red Sea.”

That’s not all: The group also inked two 30-year concession agreements with the SCZone that will see it develop, manage, and operate a roll-on, roll-off ship terminal and a cruise terminal in Ain Sokhna Port.

What they said: The agreements “reaffirm our commitment to bolstering the cruise tourism sector in the Red Sea, through providing world-class facilities and services to passengers, while further strengthening bilateral ties between the UAE and Egypt,” AD Ports Group CEO Mohamed Juma Al Shamisi said.

#3- A maritime port in Taba: The government will break ground on construction works on the Taba Maritime Port in 2024 or 2025, AsharqBusiness reports, citing Transport Minister Kamel El Wazir.

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