Arab Finance: AD Ports Group has penned a 15-year concession agreement with the Red Sea Port Authority (RSPA) to boost cruise tourism in Egypt, according to a press release on January 5^th.

As per the agreement, AD Ports will operate and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh Ports.

Notably, the agreement includes a comprehensive plan for the renovation of the Sharm El Sheikh terminal, with the ultimate goal of elevating the overall cruise tourism experience in Egypt.

The deal is pending regulatory approvals and is expected to be wrapped up in the first quarter (Q1) of 2024.

Moreover, AD Ports will invest $3 million over the 15-year period in the management and operation of the three cruise terminals.

It will introduce new services, enhance accessibility for cruise operators, and introduce fresh itineraries through the Group's extensive cruise terminal network in the Red Sea.

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