AD Ports Group announced today the signing of a Memorandum of Understanding (MoU) with the Egyptian Ministry of Industry and Transport to explore joint development and operations of an integrated logistics Park in Alexandria.
AD Ports Group will pursue a collaboration with HCMLT to explore developing, managing and operating 1.1 square kilometre of Integrated Logistics Area, set to be one of the largest logistics hubs on the Mediterranean Sea, at Alexandria Port. The port accounts for about 60% of Egypt’s foreign trade, according to government figures.
Over the last three years, AD Ports Group has entered the Egyptian market with the acquisition of Egyptian maritime companies Transmar, TCI, and Safina B.V. The Group has also signed long-term concessions to develop and operate cruise terminals at the Red Sea ports of Safaga, Hurghada, Al Sokhna and Sharm El-Sheikh, and to build and operate a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna.
The UAE is Egypt’s second-largest trading partner and its biggest international investor, according to the Egyptian Commercial Service (ECS), with USD 9.6 billion invested in the country in 2023. The UAE had a trade volume of AED 25.2 billion (USD 6.9 billion) with Egypt in 2023, according to the UAE Ministry of Economy. Over 1,600 Emirati companies are present in Egypt. In February 2024, the two countries signed a landmark agreement that will see the UAE invest USD 35 billion to develop the Ras El-Hekma coastal region, 350 km northwest of Cairo.