Egypt’s Suez Canal signs a 50-year concession agreement with Abu Dhabi Ports Group

By: fxleaders|2025/05/07 03:45:01
0
Share
copy
The UAE’s Abu Dhabi Ports Group (AD Ports) and Egypt’s Suez Canal Economic Zone have signed a 50-year concession agreement to establish a logistics and industrial hub covering 20 square kilometers east of Port Said, the group’s managing director stated in a televised speech on Sunday. The first phase, which will be developed over the next three years and span 228 square kilometers, will require AD Ports to invest $120 million in feasibility studies and initial development as part of the agreement. The project will feature a 1.5-kilometer quay and plans for a potential multipurpose cargo terminal. AD Ports is making the latest strategic investments to expand its footprint in Egypt’s logistics and maritime industries. Transmar, TCI, and Safina B are among the Egyptian maritime companies that the firm has acquired in the past three years. AD Ports has secured long-term concessions to build and operate a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna, as well as to develop and operate cruise terminals at key Red Sea ports, including Safaga, Hurghada, Al Sokhna, and Sharm el-Sheikh, Middle Eastern nations have exhibited a growing interest in Africa. Countries in the region have displayed an increasing appetite for investments on the continent by expressing interest in or concluding deals totaling at least $6 billion in African energy assets in recent weeks. This heightened involvement aligns with Gulf states’ broader initiative to enhance their African energy presence Bilateral trade between Africa and the United Arab Emirates rose by 38% in just two years, reaching $86 billion by the end of 2023, according to a report by the African Export-Import Bank.

You may also like

Strive to buy Strategy stock, Bitcoin Treasury company starts nesting dolls with each other

Bitcoin hodlers are starting to nested be in each other.

Key Market Intel on March 12th, how much did you miss out on?

1. On-chain Funds: $29.7M inflow to Hyperliquid today; $30.9M outflow from Base 2. Biggest Gainers/Losers: $DRV, $LYN 3. Top News: US plans to release 172M barrels of oil to curb prices, on-chain pre-market crude oil gains narrow by 4%

The new center of Crypto

But the market is constantly evolving. By 2026, companies that can adapt to the new environment will survive, while those that continue to rely on the old script may face the fate of elimination.

Former Coinbase CPO's lengthy article: I have regrets, but I still firmly believe in Crypto

People often fantasize that wealth comes from catching every new wave. Sometimes this is true. But more often, wealth comes from riding a real wave and not blindly paddling away every time the water splashes around.

Hormuz Strait Triggers Oil War, Will the Fed Blink with a Rate Cut in June?

Polymarket data shows that the current market is betting a 64% probability of an interest rate cut in June this year, with the probability rising to 81% for September.

After Law Enforcement in the US and the UK Seized Cryptocurrency, ‘Asset Return’ Never Really Happened

The digital assets that should have been returned to the victims have quietly flowed into government treasuries, strategic reserve funds, and law enforcement agencies' operational budgets.

Popular coins

Latest Crypto News

Read more