Egypt

AD Ports reportedly in talks to develop Egypt’s Suez Port

Published on : 2023-01-12

AD Ports Group is in talks with Egypt’s government to develop and operate the Suez Port, known as Port Tawfiq, as per a usufruct contract, Asharq Business reported.

This contract represents the Emirati group’s third to operate ports in Egypt.

Noteworthy to mention, AD Ports is owned by the Abu Dhabi Developmental Holding Company (ADQ).

Situated on the Red Sea coast, Port Tawfiq is one of the Egyptian ports affiliated to the Red Sea Ports Authority (RSPA).

In September 2022, AD Ports completed the acquisition of a 70% equity stake in Transmar International Shipping Company (Transmar) and Transcargo International (TCI) for AED 514 million.

The acquisitions of the two Egypt-based maritime companies provide AD Ports Group with a market-leading platform for further growth in the container, cargo, and port operations in Egypt, North Africa, and GCC regions, as well as along the entire Red Sea.

In 2021, AD Ports Group expanded its global footprint significantly, unveiling new investments and partnerships in markets on key trade routes for the UAE, including Jordan, Uzbekistan, Tanzania, and Egypt.

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