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FinancialNews


  • 15-12-22

    Sudan, Emirati group sign deal to establish USD6B Red Sea port

    (MENAFN) An association ruled by AD Ports Group and Invictus funding has inked an initial deal with Sudan on Tuesday to establish and activate the Abu Amama port and financial zone on the Red Sea with a USD6 billion funding.

    The venture, sited nearly 200 km north of Port Sudan, would involve a financial zone, an airport and an agricultural zone of 415,000 acres.

    A 450-km-long road is going to link Abu Amama port with the agricultural sector of Abu Hamad in Sudan’s River Nile state, the two parties stated that at the inking ceremony hosted in the Sudanese capital, Khartoum.

    Under the terms of the deals, Sudan is going to be given the right to improve, manage and function port in addition to the financial zone assets in Sudan, as reported by the Emirates News Agency, known as WAM.

    “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,” according to AD Ports Group chief executive Mohammed Juma Al-Shamisi.

    “We are grateful and honored 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,” Al-Shamisi also stated.

    MENAFN15122022000045014228ID1105311669

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