Abu Dhabi's AD Ports Group and the Red Sea Ports Authority have signed a Term Sheet and a Head of Terms agreement for what they say are major port projects along Egypt’s coastline, including multi-purpose terminals, and cruise ship berths.The first agreement will see AD Ports Group develop, operate, and manage a multi-purpose terminal in Safaga Port in a consortium with the Red Sea Ports Authority and the Egyptian Group for Multipurpose Terminals Company…
“During the first seven weeks of 2024, cargo volumes to and from ports in the Gulf of Aden and Red Sea declined 21% y/y. The number of ships arriving in these ports significantly declined as merchant shipping increasingly avoided transiting…
