UAE-based AD Ports Group and the General Authority for Suez Canal Economic Zone have entered into a 50-year renewable usufruct agreement, to develop and operate a 20-square-kilometre industrial and logistics park near the Egyptian coastal city of Port Said on the Mediterranean Sea.
The AD Ports Group said the East Port Said Industrial Zone will provide an opportunity to turn a unique location on the Mediterranean Sea into a key hub for international trade and investments serving the East-West trade routes, right at the entrance of the Suez Canal.
The AD Ports Group will develop, construct, finance, operate, and manage the industrial and logistics zone in phases, with a focus on phase one to start with, an area covering a total of 2.8 square kilometres.
An estimated total investment of US$120 million will be allocated to market and technical studies as well as to phase one development over the next three years. Construction on the initial 2.8-square-kilometre phase one is expected to start by the end of this year.