Arab Finance: The Egyptian General Authority for Red Sea Ports has signed the final grant contract with Abu Dhabi Ports Group (AD Ports Group) to construct, develop, manage, operate, promote, maintain, and redeliver the superstructure of cruise ships terminals in Safaga, Hurghada, and Sharm El-Sheikh, as per a cabinet statement.

This contract could bring in direct returns, including the injection of investments of $4.7 million by AD Ports for developing the superstructure needed to handle this type of luxury tourism, covering the management and operation of the three cruise ships, Minister of Transport Kamel El-Wazir said.

Moreover, it could generate indirect returns, such as creating job opportunities and boosting the national income by generating revenues from tourism activities.

This contract will also facilitate the operation of a cruise line that will operate between UAE’s Zayed Port and Safaga, Hurghada, and Sharm El Sheikh ports, El-Wazir said.

Later on, this cruise line will expand to include the ports of the Arabian Gulf, Aqaba port, and European and Asian ports, he added.

Under the contract, AD Ports will manage and operate passenger terminals and cruise ships with investments of $5.3 million at Ain Sokhna Port.

The group will also invest $25 million in constructing the superstructure of the roll-on/roll-off (RoRo) terminals and the specialized cars via NOATUM.

Egypt to boost mazut supplies to power plants by 11% in July Updated 6/27/2024 2:29:00 PM

Government postpones raising electricity prices until September Updated 6/27/2024 8:39:00 AM

Gama Construction joins consortium to import US shale gas Updated 6/27/2024 8:24:00 AM

Fertilizers prices up 54% MoM in June amid natural gas supply shortfall Updated 6/27/2024 7:56:00 AM