AD Ports Group has signed a 15-year concession agreement with the Red Sea Port Authority (RSPA) to operate and manage three cruise terminals at Safaga, Hurghada and Sharm El Sheikh in Egypt. The agreement also encompasses the renovation of the Sharm El Sheikh terminal, with the aim of enhancing the cruise tourism experience in Egypt. A definitive concession agreement is expected to be concluded in the first quarter of 2024, subject to regulatory approvals.
The collaboration will see AD Ports Group investing US$ 3 million over 15 years in the management and operation of the three cruise terminals to provide new services, improve access for cruise operators and add new itineraries through the Group’s cruise terminal network in the Red Sea.
This latest partnership comes in the wake of the signing of another concession agreement between AD Ports Group and RSPA for the development and operation of a multi-purpose terminal at Safaga. This collaboration is expected to see an investment of US$ 200 million over three years.