AD Ports Group has signed an agreement with the Egyptian Group for Multipurpose Terminals, the commercial arm of the Egyptian Ministry of Transportation, to develop and operate a multipurpose terminal in Safaga Port on the Red Sea.
Under the agreement, AD Ports Group will explore investment opportunities and conduct feasibility and local market studies related to developing and operating the port, with both parties benefitting from exchanging expertise and best practice, the UAE company said in a statement on Tuesday.
“The strategic location of Safaga Port on the Red Sea holds great potential for a significant role within the global supply chain,” Saif Al Mazrouei, head of the ports cluster at AD Ports Group, said.
“The co-operation will prove beneficial for both sides, as it combines the unique characteristics of Safaga Port with the long-standing expertise offered by AD Ports Group in managing and operating maritime terminals, along with the group’s extensive capabilities in delivering end-to-end services across the entire supply chain.”
The agreement aims to support the growth of the Middle East’s industrial and logistics sectors and help to open new markets for Egyptian exports through direct maritime routes in the Arabian Gulf, East Asia and Africa regions, the statement said.
It will also boost its competitive advantage in industrial products and facilitate commercial activities within Upper Egypt and the Golden Triangle. This Egyptian economic zone, between Qena, Safaga and Al Qusair, is considered one of the areas richest in mining sources, accounting for 75 per cent of the country’s mining minerals.
Abu Dhabi Ports Group owns and manages 11 ports and terminals in the UAE and Guinea, including Khalifa Port, Zayed Port, Musaffah Port, Fujairah Terminals, Community Ports, Kamsar Port and Abu Dhabi Cruise Terminal. It operates more than 550 square kilometres of industrial zones within Khalifa Industrial Zone Abu Dhabi and ZonesCorp, the largest integrated trade, logistics and industrial business grouping in the Middle East.
“The investment environment in Egypt is rich with opportunities, and it is crucial that we advance and enhance seaports in Egypt so that they become centres for further commercial development and competitive with other international ports. In turn, this will greatly benefit our nation’s national economy,” Rear Admiral Abdul Qadir Darwish, chairman of the Egyptian Group for Multipurpose Terminals, said.
The agreement with the Abu Dhabi company will be a “starting point” for further collaborations that will provide a wide range of services beneficial to each country’s trade and logistics sectors, he said.
Abu Dhabi Ports’ owner, ADQ, revealed plans to list it on the Abu Dhabi Securities Exchange later this year, subject to market conditions and regulatory approvals.
ADQ is one of the region’s largest holding companies, operating industrial cities and free zones in Abu Dhabi, and reported a 21 per cent increase in revenue during the first six months of the year on the back of organic growth, diversification into new businesses, new leases and partnerships.
The company earned revenue of Dh1.8 billion ($490.1 million), compared with Dh1.52bn for the period ending on June 30, 2020.
In September, Abu Dhabi Ports signed an agreement with the General Company for Ports of Iraq to explore investment opportunities and strengthen co-operation in the transport and maritime sectors. The UAE company will also develop national infrastructure in Iraq, such as roads and rail networks, which will connect the country’s Al Faw Port with markets in Jordan and Turkey.
AD Ports also signed an agreement with the Aqaba Development Corporation in September to establish its first cruise terminal outside the UAE, at the Marsa Zayed project in Aqaba, Jordan.
KILLING OF QASSEM SULEIMANI
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
PULITZER PRIZE 2020 WINNERS
JOURNALISM
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LETTERS AND DRAMA
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"The Nickel Boys" by Colson Whitehead (Doubleday)
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"A Strange Loop" by Michael R. Jackson
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"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
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"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
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"The Tradition" by Jericho Brown (Copper Canyon Press)
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"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
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"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
Ida B. Wells
UAE currency: the story behind the money in your pockets
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
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Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
FIGHT INFO
Men’s 60kg Round 1:
Ahmad Shuja Jamal (AFG) beat Krisada Takhiankliang (THA) - points
Hyan Aljmyah (SYR) beat Akram Alyminee (YEM) - retired Round 1
Ibrahim Bilal (UAE) beat Bhanu Pratap Pandit (IND) - TKO Round 1
Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
Turkish Ladies
Various artists, Sony Music Turkey
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
The years Ramadan fell in May
