{"id":87300,"date":"2024-01-08T00:00:00","date_gmt":"2024-01-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/ad-ports-lands-15-year-agreement-to-develop-three-egyptian-cruise-terminals\/"},"modified":"2024-01-08T00:00:00","modified_gmt":"2024-01-08T00:00:00","slug":"ad-ports-lands-15-year-agreement-to-develop-three-egyptian-cruise-terminals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/08\/ad-ports-lands-15-year-agreement-to-develop-three-egyptian-cruise-terminals\/","title":{"rendered":"AD Ports lands 15-year agreement to develop three Egyptian cruise terminals"},"content":{"rendered":"

AD Ports inks USD 3 mn agreement to develop and operate three Egyptian cruise <\/strong>terminals<\/strong>: Abu Dhabi Ports Group (AD Ports) is set to develop and operate three Red Sea cruise ship terminals under a 15-year concession agreement signed with Egypt\u2019s Red Sea Ports Authority (RSPA) on 5 January, the port operator said in a press release<\/a>.<\/p>\n

The details: <\/strong>The agreement will see AD Ports invest USD 3 mn over 15 years to construct, manage and operate cruise ship terminals in Hurghada, Safaga, and Sharm El Sheikh. Under the collaboration, the company will also renovate the Sharm El Sheikh terminal. The partnership aims to \u201cboost cruise tourism in the Red Sea, bringing world-class services and facilities to these ports, whilst supporting economic growth for Egypt,\u201d AD Ports regional CEO Ahmed Al Mutawa said. AD Ports expects to close the agreement in 1Q 2024 if the relevant regulatory approvals are received. <\/p>\n

AD Ports is no stranger to Egypt: <\/strong>AD Ports signed a USD 200 mn, 30-year concession agreement with the RSPA last month<\/a> to develop and operate Safaga 2 terminal, a multipurpose container terminal at Safaga Port. It is also, since 2022, the majority owner (pdf)<\/a> of Transmar International Shipping Company and Transcargo International, previously Egypt\u2019s largest independent cargo line. <\/p>\n

And there\u2019s more in the pipeline:<\/strong> More maritime transport contracts between AD Ports and Egypt will be revealed within the next month, Al Mal<\/a> reports, citing Egyptian Transport Minister Kamel El Wazir. <\/p>\n

BACKGROUND- The Red Sea is witnessing some turbulent tides: <\/strong>The agreement comes against the backdrop of shipping disruptions in the Red Sea, with Yemen\u2019s Houthi rebels repeatedly attacking international shipping vessels passing through the region. On account of the attacks, Danish shipping giant Maersk, the world\u2019s second-largest shipping line, said<\/a> on Friday that it would suspend shipping through the Red Sea and Suez Canal for the foreseeable future. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company will operate cruise ship terminals in Hurghada, Safaga, and Sharm El Sheikh<\/p>\n","protected":false},"author":1,"featured_media":87301,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1557],"tags":[21,23,7,25,1365,22,24],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-ad-ports","tag-egypt","tag-enterpriseam-uae","tag-investment-watch","tag-ports","tag-red-sea","tag-shipping","wpautop","entry"],"acf":{"mongo_id":"05276cce-f57c-4242-b240-28b1a42340a7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1776.jpg","photo_position":"below","homepage_title":"","full_issue_title":"AD Ports to develop three Red Sea cruise terminals in Egypt","related_issue":[87290],"teaser":"The company will operate cruise ship terminals in Hurghada, Safaga, and Sharm El Sheikh","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.180f6e10-e804-47c7-86fc-7aaeaf0cf444.mp3"},"yoast_head":"\nAD Ports lands 15-year agreement to develop three Egyptian cruise terminals - 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