Abu Dhabi Ports initials $3 mln agreement to develop, operate three Egyptian cruise terminals

The agreement is part of Egypt’s plan to expand cruise tourism, as has been the case with yacht tourism, the Egyptian Ministry of Transportation said in a statement on Thursday.

Under the deal, the three terminals will be ameliorated to attract the largest possible number of international ships to Egyptian ports, doubling their operational capacity and expanding transit trade, transportation minister Kamel El-Wazir, who attended the signing ceremony on Thursday, said.

Egypt, El-Wazir added, seeks to leverage its distinctive location to become a hub for global trade and logistics and to maximize transit trade and therefore influence the national income. 

The new partnership will facilitate the operation of a cruise line connecting the Egyptian ports with UAE’s Zayed Port and, in a later stage, with the ports of the Arabian Gulf, the Port of Aqaba, and European and Asian ports, the minister added.

Minister El-Wazir underscored that the deal involves neither a sale nor an acquisition but rather represents a partnership between the two sides. “Egypt has not and will not sell its ports,” he added.

The agreement reflects the Abu Dhabi group’s commitment to strengthen the existing ties between the UAE and Egypt, said Ahmed Al-Mutawa, the regional CEO of the group, in a statement on Friday.