AD Ports Group (AD Ports) has signed a 30-year concession agreement with Aqaba Development Corporation (ADC) to manage and operate the Aqaba Multipurpose Port.
This is reportedly Jordan’s only and exclusive general cargo and multipurpose seaport.
The agreement will establish a Joint Venture to manage and operate the port, with AD Ports holding 70 per cent ownership and Aqaba Development Corporation (ADC) holding the remaining 30 per cent.
Under the terms of the agreement, AD Ports Group will invest a total of AED 141 million ($38.4 million) in the Joint Venture, in addition to bringing extensive port development and operational expertise to the transaction. The Group anticipates formally assuming operations of the port in August of this year.
The signing ceremony was held at the headquarters of the Aqaba Special Economic Zone Authority (ASEZA) in Aqaba, in the presence of Counsellor Hamad Al Matrooshi, Chargé d’Affaires of the UAE Embassy in Amman; H.E. Mr. Shadi Majali, Chief Commissioner of the Aqaba Special Economic Zone Authority; and Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO of AD Ports Group.
The agreement was signed by H.E. Hussein Safadi, CEO of Aqaba Development Corporation; and Ahmed Al Mutawa, Regional Chief Executive Officer of AD Ports Group.
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Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Today’s signing represents a continuation of the strong and enduring economic cooperation between the two countries, including the development initiatives implemented by AD Ports Group in Aqaba City.
“This aligns with the directives of our wise leadership to strengthen cooperation with the Hashemite Kingdom of Jordan and to support the Kingdom’s vision of transforming the Port of Aqaba into a leading commercial gateway in the Red Sea region.”
Earlier this week, AD Ports finalised a $115 million project finance facility to support the development of the Noatum Ports – Safaga Terminal in Egypt.
For more information:
AD Ports – https://www.adportsgroup.com/en
