AD Ports plays down $4 billion Red Sea port deal reports

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Major operator Abu Dhabi Ports Company (AD Ports) has refuted reports of a confirmed agreement with DAL Group to build a new $4 billion Red Sea port in Sudan.

DAL Group Chairman Osama Daoud Abdellatif told Reuters on 20 June the $4 billion port deal represents a joint project between DAL Group and AD Ports.

This marks the first major foreign investment since the military took power in Sudan in an October coup, Abdellatif added.

However on 21 June in a statement to the Abu Dhabi Securities Exchange, AD Ports clarified that the company has not yet signed any agreements to build a port in Sudan.

The company did note that there are preliminary discussions taking place with the relevant authorities in Sudan.

“We confirm to you that the Company will make the appropriate disclosures to the market should there be new projects or investments in accordance with the market’s applicable regulations,” the statement added.

The project is part of a $6 billion investment which includes a free trade zone, a large agricultural project, and a $300 million deposit to Sudan’s central bank.

In May AD Ports Group and the Red Sea Ports Authority signed agreements on joint development and operation of major port projects on Egypt’s coastline.

The first project comprises the establishment of a multipurpose terminal in Safaga Port operated and managed by AD Ports – in a consortium with the Red Sea Ports Authority and Egyptian Group for Multipurpose Terminals Company.

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