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AD Ports to set up industrial and logistics park in East Port Said: Abu Dhabi wealth fund ADQ-owned AD Ports Group has inked a 50-year renewable usufruct agreement with the Suez Canal Economic Zone (SCZone) to develop and operate an industrial and logistics zone spanning 20 sq km in East Port Said, according to a cabinet statement and another from the logistics player.
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The details: AD Ports will develop, construct, finance, operate, and manage the zone — dubbed Kezad — in phases. The first phase will span 2.8 sq km and include a 1.5 km quay that could eventually host a multipurpose cargo terminal, construction on the phase will kick off by the end of the year and should be completed within three years. Neither statements provided any details on the subsequent phases.
While the total cost of the project is yet to be disclosed, AD Ports said it has earmarked USD 120 mn for technical and market studies and infrastructure development for the first phase.
More development with Hassan Allam Holding: “The development of phase 1 will be anchored by key potential clients and partners, including one of the region’s foremost construction and development groups, Hassan Allam Holding,” the AD Ports statement read. AD Ports and Hassan Allam Holding also inked an MoU to “develop and invest in the industrial zone and explore other projects.”
What they said: “KEZAD East Port Said is a milestone that highlights the strong economic relations between the UAE and Egypt. In line with the vision of our wise leadership, this strategic cooperation is another sign of our Group’s growing focus on Egypt, where we continue to enhance and develop our integrated trade, transport, and industrial ecosystem, offering clients unparalleled end-to-end solutions and services,” AD Ports CEO Mohamed Juma Al Shamisi said.
AD Ports loves Egypt: Last year, AD Ports inked two 30-year concession agreements with the SCZone to develop, manage, and operate a roll-on, roll-off ship terminal and a cruise terminal in Ain Sokhna Port. And more recently, the group inked an MoU with the Transport Ministry to explore joint development and operations of a 1.1 sq km integrated logistics park in Alexandria Port.
