Cairo: AD Ports Group and the General Authority for Suez Canal Economic Zone (SCZONE) have signed a 50-year renewable usufruct agreement to develop and operate a 20 km² industrial and logistics park near Port Said on the Mediterranean Sea. This strategic initiative is set to transform the East Port Said Industrial Zone into a key hub for international trade and investments, enhancing its role in global markets.
According to Emirates News Agency, the agreement was signed in Cairo, with Egyptian Prime Minister Dr. Mostafa Madbouly witnessing the event. The signing was attended by several notable figures, including Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Mohamed Hassan Alsuwaidi, UAE Minister of Investment. AD Ports Group's Regional CEO, Ahmed Al Mutawa, and SCZONE's Vice Chairman for the Northern area, Admiral Mohamed Ahmed Mahmoud, were among the signatories.
AD Ports Group will oversee the development, construction, financing, operation, and management of the industrial and logistics zone in phases, starting with an initial 2.8 km² area in Phase 1. The project will involve an estimated total investment of $120 million over the next three years, with construction expected to commence by the end of this year. Key partners, including Hassan Allam Holding, will anchor this development.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, emphasized the project's significance in strengthening UAE-Egypt economic relations and enhancing the Suez Canal's role in global trade. Waleid Gamal El Dien, Chairman of SCZONE, highlighted the project's strategic importance in reinforcing Egypt's position as a global trade hub.
Ahmed Al Mutawa noted that the KEZAD East Port Said project aims to attract investments, promote industrial growth, and support the ease of doing business in Egypt. Admiral Mohamed Ahmed Mahmoud added that the project represents a significant advancement in the development of SCZONE's northern part, offering comprehensive logistical solutions for investors.
In addition to this agreement, AD Ports Group and Hassan Allam Holding signed a memorandum of understanding to explore further development and investment opportunities in the industrial zone. AD Ports Group's investments in Egypt have been substantial, including the development of a multipurpose terminal in Safaga and securing long-term concessions for cruise terminals at Red Sea ports.
The East Port Said project aligns with the UAE and Egypt's shared objectives of supporting commercial and industrial sectors and attracting high-quality investments. It also advances the global trend of establishing regional manufacturing centers to enhance global supply chains and connectivity.
AD Ports Group, based in Abu Dhabi, operates in over 50 countries, with a presence in trade, transport, logistics, and economic zones. SCZONE, with its strategic location and advanced infrastructure, has attracted significant global investment, making it a prominent global trade and investment destination.