With the goal of further developing Egypt’s maritime industry, AD Ports Group has signed a MoU with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation, to jointly oversee the development and operation of Egypt’s Ain Sokhna Port.
Under the agreement, the two entities will work closely to conduct a feasibility study into the future development of Ain Sokhna Port and explore potential investment opportunities to enhance its capacity and capabilities, which will enable the port to target untapped market segments and establish new revenue streams.
The AD Ports Group will manage the research study for Ain Sokhna Port, which is expected to be conducted over six months, while the Egyptian Group for Multipurpose Terminals will support the provision of financial, technical, environmental, commercial, and operational data necessary to ensure the study’s successful conclusion.
A second MoU, signed with the Egyptian Group for Multipurpose Terminals and the River Transport Authority, will see the parties collaborate on three main projects including building and operating a river port in Minya, managing and operating warehouses in Damietta, and equipping, managing and operating passenger lines in Greater Cairo.
“These agreements represent an important step in the field of maritime and river transport in Egypt by developing port operations and establishing and operating logistics areas. The Egyptian Multipurpose Terminals Group and AD Ports Group have a close collaborative relationship and this collaboration has resulted in these important agreements that will play a key role in supporting Egypt’s maritime and river port ecosystem,” said Rear Admiral Abdul Qadir Darwish, chairman of the Egyptian Group for Multipurpose Terminals.
“Today the continued cooperation between the two parties has achieved further successes, reflecting the close relations at all levels, and expanding the horizon of cooperation to include the potential management of a multipurpose terminal at Ain Sokhna Port on the Gulf of Suez and collaboration on the operation of a river transport station in order to activate river transportation across the Nile,” he continued.
The signing took place on the side-lines of the eleventh session of the International Conference on Maritime Transport and Logistics where AD Ports Group’s representatives showcased several of the organisation’s achievements of the past year, while also advancing a series of discussions and agreements that were initially conceived during last year’s Trans-MEA conference.
“AD Ports Group is pleased to further our close relationship with the Egyptian Ministry of Transport and to coordinate with the River Transport Authority and the Egyptian Group for Multipurpose Terminals on these latest projects to support Egypt’s efforts to further modernise its maritime infrastructure and service capabilities,” said Saif Al Mazrouei, head of Ports Cluster at AD Ports Group.
Earlier this year, the logistics giant announced its 2021 financial results, reporting a 14 percent year-on-year growth in revenue to AED3.9 billion ($1.06bn), up from AED3.4 billion in 2020.
The firm said that its revenue growth was driven by volume growth, business diversification and new partnerships. Net profit also increased to AED845mn up from AED397mn in 2020.
Follow us on
