The agreement will give the consortium the sole right to develop, manage, and operate specified port and economic zones assets and to create joint ventures, partnerships, or other business agreements to support the financing, development, construction, management, and operation of the projects.
Saudi newspaper Arab News said the deal involved development and operation of a $6 billion port and economic zone facility at Abu Amama, on the Red Sea. “The project, located about 200 km north of Port Sudan, would include an economic zone, an airport and an agricultural zone of 415,000 acres,” it said.
“AD Ports Group continues to extend its international reach under the guidance and direction of our wise leadership, supporting the development of port and trade assets in key markets around the world,” said Capt. Mohamed Al Shamisi, managing director and group CEO, AD Ports Group.
“We are grateful and honoured by the trust that the government of Sudan has placed in our consortium by signing this agreement and we look forward to working with them on the development and management of key facilities.”
Arab News quoted Sudan’s finance minister Jibril Ibrahim as saying the country would be entitled to 35 percent of the net profits from the Abu Amama venture.
According to AD Ports, Sudan is a major trading partner of the UAE. During the last 25 years, exports from the UAE to Sudan have increased at an annualised rate of 14.6 percent, from $37.8m in 1995 to $1.14bn in 2020, with key exports including raw sugar, jewelry, and broadcasting equipment, while exports from Sudan to the UAE have increased at an annualised rate of 18.4 percent, from $27.3m in 1995 to $1.86bn in 2020.
Earlier this year, AD Ports Group and Invictus Investment launched an international dry bulk shipping service to serve as the carrier for Invictus’ dry-bulk trading business, which is a major transporter of commodities to and from the Sudanese market, AD Ports said.
“Invictus Investment is proud to be part of the consortium selected by the Government of the Republic of Sudan for this important agreement. Drawing on our deep experience of working with customers in Sudan, and working alongside AD Ports Group, which is the premier global trade, logistics and transport enabler, we will strive to meet their high expectations and deliver for the people of Sudan,” Osama Abdellatif, Chairman of Invictus Investment Company PLC, said.
In 2018, news reports said that Qatar Ports Management Company was to invest in a new $4 billion Sudanese port facility at Sawakin, but nothing appears to have come of the venture.
According to Al Jazeera TV, a domestic Sudanese political dispute led to the closure of Port Sudan for 48 days last year.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
Add Seatrade Maritime News to your Google News feed.  |
