The Egyptian House of Representatives, under speaker Hanfi Gebali, on Monday gave its final approval to a draft law submitted by the government to construct and develop a multi-purpose terminal in the Red Seaport of Safaga.
In March, the Egyptian side and the Abu Dhabi Ports Group, known as AD Ports Group, a leading facilitator of global trade, logistics, and industry, signed a concession agreement on the management, operation, maintenance, and re-delivery of the superstructure of the Safaga Seaport Multi-Purpose Terminal (Safaga 2).
The bill comes within the framework of the State’s keenness on developing Egyptian ports with the view to turning Egypt into a global hub for trade and logistics.
Regarding Safaga Port Concession Agreement, AD Ports Group and the Red Sea Ports Authority signed a 30-year concession agreement that allows the Group to develop and operate a multi-purpose terminal at Safaga Port, a strategic location on the Red Sea coast of Egypt.
Safaga Port will be the first internationally operated port in the Upper Egypt region, bringing significant cost savings to traders, industries and businesses located in this region.