UAE’s AD Ports Group, a leading facilitator of global trade, logistics, and industry, has signed an agreement to build, develop, operate, and maintain terminals for passengers and cruise lines at the Egyptian Red Sea ports of Hurghada, Safaga, and Sharm El Sheikh.
The Egyptian Ministry of Transport said in a statement that this contract will contribute to operating cruise lines between Zayed Port and Safaga, Hurghada, and Sharm El-Sheikh, and, later, Arabian Gulf ports, Aqaba and Europe and Asia.
According to the ministry statement, the contract will also commit AD Ports Group to develop yacht and cruise ship tourism in Egypt.
The UAE stands as Egypt’s second leading trade partner in the region, with Egypt ranking as the fifth leading trade partner of the UAE in non-oil trade with Arab countries.
Last month, AD Ports Group announced that it has signed a definitive concession agreement with the Egyptian Red Sea Ports Authority (RSPA) for the development and operation of a multi-purpose terminal at Safaga Seaport. This collaboration will see an investment of $200 million over 3 years, aimed at developing a state-of-the-art facility within the strategic location of the Red Sea and will be the first internationally operated port serving the Upper Egypt region.
“Following the Government of Egypt’s approval, this significant milestone reaffirms the strong trade ties between the UAE and the Arab Republic of Egypt. Further, this project is a significant step in the longstanding friendship and cooperation between the UAE and Egypt,” as per the reports.
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