Abu Dhabi Ports Group to finalize 30-year agreement to run Egyptian Red Sea port

The initial agreement was signed in March, along with two 15-year agreements and other protocols for multiple projects.

Al-Mazrouei added in an interview with Al-Arabiya News that the group has a rich project portfolio in Egypt, spanning Ain Sokhna, Sharm El-Sheikh, and Hurghada.

However, the group’s projects in the country have not yet reached profitability as they are still under construction, Al-Mazrouei said.

According to Abu Dhabi Ports, the multi-purpose terminal at Safaga Port will be the first internationally operated port in the Upper Egypt region, bringing significant cost savings to traders, industries, and businesses in the region.

The 810,000-square-metre terminal is set to enter operation in the second quarter of 2025.

Egypt is striving to attract foreign investment, particularly from Gulf nations to help its economy recover and fulfil its commitments to the International Monetary Fund (IMF) under the $3 billion loan deal signed last year.

In May, Minister of Transport Kamel El-Wazir said Egypt was seeking partners in the UAE to invest in some of the $20 billion worth of projects planned in the country’s transport sector.

Emirati investments in the country surged 300 percent to reach $5.7 billion in FY2021/2022, up from $1.4 billion in FY2020/2021.