{"id":546187,"date":"2022-05-08T04:00:09","date_gmt":"2022-05-08T04:00:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/abu-dhabi-ports-to-build-and-run-safaga-terminal-cruise-ship-infrastructure\/"},"modified":"2022-05-08T04:00:09","modified_gmt":"2022-05-08T04:00:09","slug":"abu-dhabi-ports-to-build-and-run-safaga-terminal-cruise-ship-infrastructure","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/abu-dhabi-ports-to-build-and-run-safaga-terminal-cruise-ship-infrastructure\/","title":{"rendered":"Abu Dhabi Ports to build and run Safaga terminal, cruise ship infrastructure"},"content":{"rendered":"

<\/a> Abu Dhabi Ports to <\/strong>develop <\/strong>and run Safaga terminal in JV with state authorities: <\/strong>Abu Dhabi Ports (ADP) has signed a contract to develop, operate and manage a multi-purpose terminal in Safaga Port as part of a joint venture with the Red Sea Ports Authority and the Transport Ministry\u2019s commercial arm, the ministry<\/a> and ADP<\/a> said in separate statements Thursday. The parties did not disclose the share each will hold in the JV, which is set to be decided in the final contracts, Enterprise has learned.<\/p>\n

About the Safaga terminal:<\/strong> The ministry in November signed an initial MoU with ADP<\/a> to manage the terminal, which is expected to be completed in 2024. Construction of the terminal\u2019s infrastructure \u2014 which is set to be financed by the government and cost up to EGP 3 bn \u2014 will conclude by the end of next year, the source we spoke to told us. It will include berths of up to 1km and handle all types of cargo, according to the statement. The terminal was one of nine proposed PPP infrastructure projects given preliminary approval<\/a> by the cabinet in June, though we still haven\u2019t heard of a final go-ahead from the ministers.<\/p>\n

ADP previously said it would invest USD 500 mn into Egypt<\/strong> if it won the Safaga Port contract and another contract to construct the Tenth of Ramadan dry port. As of mid-October, the government had received technical bids from six consortia<\/a> competing for the PPP contract to construct the 250-feddan dry port. The conditions booklet for the tender should be released sometime this month<\/a>.<\/p>\n

ADP is also entering our cruise industry: <\/strong>ADP also signed a second agreement with the Red Sea Ports Authority to develop, operate and manage cruise ship berths and terminals in the Sharm El Sheikh, Hurghada and Safaga ports. The Emirati firm will also develop plans for cruise ship lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and the Jordanian port of Aqaba.<\/p>\n

What they said:<\/strong> The latest agreements are part of plans to make Egypt a \u201cglobal trade and logistics hub\u201d by developing its Red Sea and Mediterranean ports, Transport Minister Kamel El Wazir was quoted as saying by ADP.<\/p>\n

This isn\u2019t ADP\u2019s first venture in Egypt: <\/strong>The company recently signed agreements<\/a> with the Transport Ministry to manage and operate a multi-purpose terminal in Ain Sokhna port and a river port in Minya Governorate.<\/p>\n

This is another ADQ tie-in:<\/strong> ADP is majority owned by Abu Dhabi sovereign wealth fund ADQ, which bought 32%<\/a> of Alexandria Container & Cargo Handling as part of its blockbuster USD 1.8 bn investment in five local state-owned and private firms last month.<\/p>\n

This comes a few months after ADP completed <\/strong>its IPO<\/a><\/strong> in Abu Dhabi, where it raised some USD 1.1 bn. Shares in the ports operator closed at AED 5.56 on Friday, up 74% from the offer price of AED 3.20 on its debut in February.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi Ports to develop and run Safaga terminal in JV with state authorities: Abu Dhabi Ports (ADP) has signed a contract to develop, operate and manage a multi-purpose terminal in Safaga Port as part of a joint venture with the Red Sea Ports Authority and the Transport Ministry\u2019s commercial arm, the ministry and ADP […]<\/p>\n","protected":false},"author":1,"featured_media":546188,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[600,72,1803,125,1804,1802,238,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-abu-dhabi-ports","tag-enterpriseam","tag-hurghada-port","tag-investment-watch","tag-privatization-strategy","tag-sharm-el-sheikh-port","tag-tourism","tag-uae","wpautop","entry"],"acf":{"mongo_id":"ad18b775-3e22-4e6b-b4fc-9dd30f4b85ad","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/86.jpg","photo_position":"above","related_issue":[546178],"teaser":"","voice_url":""},"yoast_head":"\nAbu Dhabi Ports to build and run Safaga terminal, cruise ship infrastructure - 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