Red Sea Cruise Ship Terminals To Be Developed Under New Agreement
The agreement between Abu Dhabi Ports Group and Red Sea Port Authority will see the Safaga, Hurghada and Sharm El Sheikh ports operational by 2025.
Abu Dhabi Ports Group and Egypt's Red Sea Port Authority have inked a significant agreement, marking the Emirati group's definitive concessions to advance, operate, and manage three crucial cruise terminals on Egypt’s Red Sea coast. The signing ceremony, attended by officials including Egypt’s Prime Minister Mostafa Madbouly and Ambassador of the UAE to Egypt Mariam Al-Kaabi, took place at the Egyptian cabinet headquarters in the New Administrative Capital.
Under the agreement, Abu Dhabi Ports Group pledges a substantial investment of 4.7 million USD over the next 15 years to elevate the Safaga, Hurghada, and Sharm El Sheikh ports' capabilities, with terminals set to be operational by 2025. Minister of Transport Kamel El-Wazir emphasized the strategic partnership's role in enhancing port services, facilitating international ship arrivals, and boosting transit trade.
Abu Dhabi Ports Group's is committed to employing Egyptian talent for 95-96 percent of the operational roles underscores a collaborative effort towards local empowerment. This development aligns with the Ministry of Transport's broader vision to double port capacities, welcoming an estimated 7.5 million cruise passengers annually across the Red Sea terminals.
The collaboration extends further as Abu Dhabi Ports Group embarks on two 30-year concession agreements with the General Authority of the Suez Canal Economic Zone, reinforcing Egypt's connectivity with global trade networks and bolstering automotive supply chains in the region.
These agreements signify a pivotal step towards propelling Egypt's maritime sector forward, fostering economic growth, and positioning the country as a prominent hub for international cruise tourism and trade.
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Jun 14, 2024 -
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