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Abu Dhabi’s AD Ports Group, owned by sovereign wealth fund ADQ, has signed deals for the management and operation of some port and warehouse facilities in Egypt.
In one of the deals, AD Ports Group and the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation, will jointly oversee the development and operation of Ain Sokhna Port, a major international gateway for Egypt.
The two entities will conduct a feasibility study and explore investment opportunities for the future development of Ain Sokhna Port. Both parties will also “discuss cooperation with the aim to develop the maritime sector” in Egypt, according to a statement to the Abu Dhabi Securities Exchange (ADX).
AD Ports also signed a memorandum of understanding with the Egyptian Group for Multi-Purpose Terminals and River Transport Authority.
In the second deal, AD Ports will collaborate on three main projects, including building and operating a river port in Minya, located on the Nile River’s western bank; managing and operating warehouses in the port city of Damietta; and equipping, managing and operating passenger lines in Greater Cairo.
(Writing by Cleofe Maceda; editing by Seban Scaria )
