(MENAFN- AzerNews) Abu Dhabi's AD Ports Group signed a 30-year concession agreement
worth $200 million to develop and operate Egypt's Safaga port,
according to a statement released by AD Ports on Saturday, Azernews
reports citing Al-Arabiya.
Two additional 15-year agreements, a memorandum of understanding
and three head terms concerning ports located in Egypt's Red Sea
region and Mediterranean Sea were also signed, the statement
said.
“AD Ports Group will invest a total of up to $200 million in
superstructure and equipment, buildings, and other real estate
facilities and utilities' network inside the concession area. The
majority of this CapEx will be spent in 2024 and 2025,' the
statement added.
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