AD Ports Group signs Term Sheet and Head of Terms agreements for port projects in Egypt

AD Ports Group signs Term Sheet and Head of Terms agreements for port projects in Egypt

WAM: AD Ports Group and the Red Sea Ports Authority have signed a Term Sheet and a Head of Terms agreement for major port projects along Egypt’s coastline.

The first agreement will see AD Ports Group develop, operate, and manage a multi-purpose terminal in Safaga Port in a consortium with the Red Sea Ports Authority and the Egyptian Group for Multipurpose Terminals Company, the commercial arm of the Egyptian Ministry of Transportation.

The multi-purpose terminal project in Safaga Port is an important national project due to its strategic location on the Red Sea. Upon completion in 2024, the terminal will offer berths of up to 1,000 metres capable of handling all types of general, dry and liquid bulk cargo.