Abu Dhabi Ports Group (ADP) said on Tuesday it had signed a $115 million financing agreement to support development work at its Noatum Ports–Safaga Terminal on Egypt’s Red Sea coast, with the financing expected to be finalized in the first quarter of this year.
In a statement, ADP said the funding was arranged with the International Finance Corporation (IFC), National Bank of Kuwait–Egypt, and other investment institutions through a co-lending portfolio managed by IFC, with a 15-year tenor.
The company said the agreement reflects its long-term commitment to expanding port and logistics infrastructure across key international markets.
Under a 30-year concession agreement ADP signed with the Red Sea Ports Authority in 2023, the UAE company is developing and operating a multipurpose terminal at Safaga Port under the name Noatum Ports - Safaga Terminal.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said the agreement reflects the company’s approach to financing long-term infrastructure projects in fast-growing markets through partnerships with multilateral institutions and global investors.
IFC Managing Director Makhtar Diop said the Safaga project will “strengthen Egypt’s position as a central trade hub, lower costs for local businesses and create high-value jobs.” He also said it will reinforce the UAE’s position as a regional growth engine and a partner for deeper economic integration.
The Noatum Ports - Safaga Terminal project—located on Egypt’s Red Sea coast and valued at around $200 million—is the first international maritime terminal in Upper Egypt, according to the statement.
The statement said ADP’s investments in Egypt include container shipping, terminal operations, cargo handling, shipping agency services, and freight transport services.
The group is also developing cruise terminals at Red Sea ports in Safaga, Hurghada and Sharm El-Sheikh.
In May, ADP expanded its investment portfolio by signing a renewable 50-year usufruct agreement to develop and operate KEZAD East Port Said, an industrial and logistics zone spanning 20 square kilometers at the Mediterranean entrance of the Suez Canal.
In November, ADP bought its first stake of 19.3% in Alexandria Container and Cargo Handling Company (ALCN). In December, it said it was seeking to acquire a further 32% of the company’s shares, which would give it a controlling stake.
Over the past years, ADP has signed multiple agreements with the private sector and the government to enter a range of transport-related activities, prompting experts to warn about a concentration of concessions in the hands of the Emirati group and what they described as lenient terms, while government officials say turning to the company was necessary given limited alternatives.
