Egypt's Suez Canal Economic Zone signed a 50-year concession deal with the Abu Dhabi Ports Group to set up a 20-square km logistics and industrial zone east of Port Said, AD Ports managing director said in a televised address on Sunday.

AD Ports has committed $120 million for initial development and feasibility studies in the first phase, which covers an area of 2.8 square km to be developed over three years.

It will include a 1.5-km quay, potentially featuring a multipurpose cargo terminal, according to a cabinet statement.

The agreement is the latest in a series of investments by AD Ports in Egypt's maritime and logistics infrastructure.

Over the last three years, AD Ports acquired Egyptian maritime companies Transmar, TCI, and Safina B.V.

AD Ports has also signed long-term concessions to develop and operate cruise terminals at the Red Sea ports of Safaga, Hurghada, Al Sokhna and Sharm El-Sheikh, and to build and operate a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna.

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