AD Ports Group has signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Stations Company to oversee the development and operation of Egypt’s Ain Sokhna Port.
The organisations will conduct a feasibility study into the future development of Ain Sokhna Port, exploring potential investment opportunities to enhance its capacity and capabilities.
AD Ports Group will manage the research study for the port over a period of six months, while the Egyptian Group for Multipurpose Terminals will support the project with the provision of financial, technical, environmental, commercial, and operational data.
A second MoU was signed with the Egyptian Group for Multipurpose Terminals and the River Transport Authority to bolster the development of the maritime sector in Egypt.
Both agreements aim at furthering the development of Egypt’s maritime industry and follow a recent partnership to explore the establishment of large-scale green fuel production in the nation.
Rear Admiral Abdul Qadir Darwish, Chairman of the Egyptian Group for Multipurpose Terminals, said: “These agreements represent an important step in the field of maritime and river transport in Egypt by developing port operations and establishing and operating logistics areas. The Egyptian Multipurpose Terminals Group and AD Ports Group have a close collaborative relationship and this collaboration has resulted in these important agreements that will play a key role in supporting Egypt’s maritime and river port ecosystem.”
AD Ports Group recently released its audited financial results for 2021, registering an increase of 14 per cent over 2020 with a revenue of $1.1.
The group’s container throughput rose to 3.4 million TEU in 2021, increasing from 3.2 million TEU in 2020.