AD Ports awards Hassan Allam Construction deal for new terminal in Egypt
Updated 12/19/2024 9:10:00 AM
Arab Finance: AD Ports Group appointed Hassan Allam Construction, Hassan Allam Holding’s unit, to develop the infrastructure of Noatum Ports-Safaga Terminal in Egypt, according to a press release.
Located along the Red Sea coast, the joint project is expected to become the first internationally operated port terminal in the Upper Egypt region.
The terminal’s area will encompass nearly 810,000 square meters, with 450,000 twenty-foot equivalent units (TEUs) container capacity, 5 million tons of dry bulk, and general cargo capacity.
It will also include 1 million tons of liquid bulk capacity and Ro-Ro facilities with 50,000 car equivalent units (CEUs) capacity.
Hassan Allam, CEO of Hassan Allam Holding, said: “Noatum Ports – Safaga Terminal [..] will be a key addition to Egypt’s maritime and ports infrastructure on the Red Sea.”
The terminal is part of AD Ports’ approximately $349 million investments in Egypt over the last three years. The agreement covers developing and operating cruise terminals in Safaga, Hurghada, Ain Sokhna, and Sharm El-Sheikh.
It is worth highlighting that the UAE is Egypt’s second-largest trading partner and its biggest international investor, according to the Egyptian Commercial Service (ECS), with $9.6 billion invested in the country in 2023.
Over 1,600 Emirati companies are present in the African country. In February 2024, the two countries signed a landmark agreement that will see the UAE invest $35 billion to develop the Ras El-Hekma coastal region, 350 kilometers northwest of Cairo.
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