17.8 C
Monday, March 4, 2024

Safaga Port: Abu Dhabi Ports Announces $200 Million Investment

Safaga Port In a pivotal development, AD Ports Group has officially inked a concession agreement with the Red Sea Ports Authority (RSPA) for the extensive development and operation of a versatile terminal at Safaga Seaport. The approval from the Government of Egypt adds weight to this strategic move, fortifying the robust trade relations between the UAE and Egypt.

Formal Signing Ceremony in Cairo: Safaga Port 

The formal agreement signing took place at the Egyptian cabinet headquarters in Cairo. Ahmed Al Mutawa, Regional CEO of AD Ports Group, and Major General Osama Saleh, Vice-Chairman of the Board of Directors of RSPA, were the signatories. The ceremony was graced by the esteemed presence of key figures, including Dr. Mostafa Madbouly (Egypt’s Prime Minister), Lieutenant-General Kamel El Wazir (Egypt’s Minister of Transport), Mariam Al Kaabi (Ambassador of the UAE to Egypt), and Captain Mohamed Juma Al Shamisi (Managing Director and Group CEO of AD Ports Group).

Strengthening UAE-Egypt Collaboration: Safaga Port

This initiative represents a significant stride in the enduring friendship and collaboration between the UAE and Egypt. Notably, the UAE holds the position of Egypt’s second-largest trade partner in the region, reciprocated by Egypt as the fifth-largest trade partner of the UAE in non-oil trade with Arab countries.

Also Read

Investors in Oil Markets to Enter 2024 Amid Oversupply Worries and Demand Concerns

“Bollywood Star Anil Kapoor Unveils Travel Show: ‘Once Upon A Trip! To Dubai’”-1

Related Articles

Sharjah’s Powerful $750 Million Sustainable Bond Issuance

Sharjah's Triumphant $750 Million Sustainable Bond Launch The Government of Sharjah has achieved a significant milestone with the successful issuance of a $750 million 12-year...

UAE Achieves a Pioneering Economic Milestone, Thriving Prosperity

UAE Economy Achieves Unprecedented Milestone The United Arab Emirates (UAE) has achieved a significant milestone in its economic diversification journey, marking what officials are calling...

Vitaliy Chiryassov: Aspiring to Streamline the Business Consulting Industry in the UAE 14567

Vitaliy Chiryassov: Aspiring to Streamline the Business Consulting Industry in the UAE In this interview, we're talking with Vitaliy Chiryassov, an entrepreneur who operates multiple...

International Jewellery Summit Sparkles in Dubai , Dazzling Unity

International Jewellery Summit in Dubai, The anticipation and excitement are palpable as the stage is set for the upcoming India Gem & Jewellery Show in...

Emirates Development Bank’s Impact on UAE Industrial GDP: A Catalyst for Economic Growth

Emirates Development Bank Empowers UAE's Industrial Growth with Boost to GDP Contribution Since the launch of its strategy in 2021, Emirates Development Bank (EDB) has...

Latest Articles