Egypt plans $50M logistics zone in Safaga to boost trade connectivity

BY

-

Mon, 15 Jan 2024 - 02:56 GMT

BY

Mon, 15 Jan 2024 - 02:56 GMT

 
CAIRO – 15 January 2024: The Egyptian government has announced its intention to construct a state-of-the-art logistics zone in Safaga, backed $50 million in investment, according to Asharq Bloomberg.The zone will serve as a central hub for the collection and unloading of goods to and from the high-speed train, effectively linking the Red Sea and Mediterranean Sea ports.
 
Unnamed government sources, speaking to Asharq Bloomberg, revealed that the logistics zone will cover an initial area of 100 acres and will be funded by the government. Presently, coordination efforts are underway between the Red Sea Governorate and the National Center for Planning State Land Uses to facilitate the transfer of land ownership and finalize the project's design.
 
The proposed logistics zone is expected to coincide with the launch of the Safaga 2 terminal by the Abu Dhabi Ports Group, further strengthening the region's trade infrastructure.
 
The Red Sea Port Authority (RSPA) recently signed a contract with AD Ports, committing $200 million over a three-year period for the construction and development of a versatile terminal at Safaga Sea Port.
 
Moreover, in January, AD Ports Group secured a 15-year concession agreement with the Red Sea Port Authority (RSPA) to manage and operate three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh Ports. As part of this agreement, AD Ports Group will make a substantial investment of $3 million over the concession period to optimize the management and operation of the three cruise terminals.
 
The establishment of the logistics zone in Safaga marks a significant step forward in Egypt's efforts to enhance its trade capabilities and bolster its position as a regional trade hub.
 

Comments

0

Leave a Comment

Be Social