• AD Ports secures $115 million for Safaga Red Sea terminal
• IFC-backed financing supports $200 million Egypt port investment
• Project boosts container, bulk, Ro-Ro capacity under port modernization

AD Ports Group has secured a $115 million financing package for the Noatum Ports Safaga terminal project on Egypt’s Red Sea coast. The deal is backed by the International Finance Corporation (IFC), with National Bank of Kuwait- Egypt (NBK Egypt) and other institutional investors participating through the IFC-managed co-lending programme.

The financing forms part of a $200 million investment plan announced after the group signed a terminal concession agreement with the Egyptian government in December 2023. The planned multipurpose logistics terminal will span about 810,000 square metres.

It will have annual capacity for 450,000 TEUs of containers, 5 million tonnes of dry bulk and general cargo, and 1 million tonnes of liquid bulk. The site will also include Ro-Ro facilities to handle up to 50,000 vehicles, along with shared logistics areas.

The project is part of AD Ports’ expansion in Egypt. The Emirati group, which provides integrated trade, industrial and logistics services, is also developing cruise terminals at other Red Sea ports, including Hurghada and Sharm El Sheikh.

Egypt has included the Safaga terminal in its national port modernisation master plan, aimed at strengthening the country’s role as a logistics hub linking the Middle East, Africa and the Mediterranean. The project is intended to capture more value from shipping traffic through the Suez Canal while expanding port capacity along the Red Sea.

Henoc Dossa