AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, has secured a $115 million project finance facility backed by the International Finance Corporation to support construction of its Safaga terminal in Egypt.
The 15-year facility was arranged with participation from National Bank of Kuwait’s Egyptian subsidiary and other institutional investors through an IFC-managed co-lending programme.
The financing will support development of the $200 million Noatum Ports’ Safaga Terminal on Egypt’s Red Sea coast, set to become the first internationally operated port terminal serving Upper Egypt.
Egypt’s Hassan Allam Construction is building the infrastructure for the terminal. Once completed, it will span 810,000 square metres and be able to handle 450,000 20-foot equivalent units of container cargo, 5 million tonnes of dry bulk and general cargo, and 1 million tonnes of liquid bulk. It will also feature roll-on, roll-off facilities with a capacity for 50,000 car equivalent units.
The terminal is part of AD Ports' nearly $349 million investment in Egypt over the past three years, which includes acquisitions of maritime companies and new terminal developments.
Egypt has become one of AD Ports Group’s most important overseas markets. The company operates across shipping, terminals and maritime services in the country and is developing cruise facilities along the Red Sea.
Last month, AD Ports said it was launching a cash mandatory tender to buy a stake of about 32 per cent in the Alexandria Container & Cargo Handling Company.
