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AD Ports inks 50-year concession for new logistics zone in Egypt: Egypt’s Suez Canal Economic Zone signed a 50-year concession agreement with Abu Dhabi Ports Group (AD Ports) to establish a 20 sq km logistics and industrial zone east of Egyptian coastal city Port Said, according to an Egyptian cabinet statement and another from the logistics player.
The details: Under the agreement, AD Ports will develop, finance, build, and operate the industrial area, with construction set to begin by the end of this year, the Egyptian Cabinet said. The first phase will see the Emirati group invest USD 120 mn for development and feasibility studies to develop a 2.8 sq km area set to be developed over three years. Further plans include a 1.5 km quay that may feature a multipurpose cargo terminal.
More to come… 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 inked an MoU to “develop and invest in the industrial zone and explore other projects.”
AD Ports has been growing its footprint in Egypt through a series of investments: As of last December, AD Ports had invested an estimated USD 349 mn in Egypt over the past three years. The group signed a USD 200 mn, 30-year concession to develop the Safaga II terminal and landed a 15-year contract to develop and operate three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh and another for a planned roll-on, roll-off ship terminal and cruise terminal in Ain Sokhna Port. It also signed an MoU to develop a green methanol export facility in Egypt. The group has also been acquiring local maritime players including Transmar, TCI, and Safina.
IN OTHER LOGISTICS NEWS-
DP World and Asia Terminals Inc (ATI) have completed a USD USD 100 mn project to expand the Philippines’ Manila South Harbor, according to a statement. The project featured an extension of the terminal's Pier 3 berth to over 600 meters and an expansion of the existing yard to accommodate 20k TEUs. The initiative also integrated new equipment and hiked up the harbour’s annual throughput capacity by over 25% to almost 2 mn TEUs.
Looking ahead: “We are lining up more investment projects in the coming years to future-proof the gateway terminals in Manila, Batangas, Cavite, and Laguna, in support of the resilient growth of the Philippine economy,” CEO Ahmed bin Sulaye said, without announcing any specific upcoming project details.
