Abu Dhabi – Mubasher: AD Ports Group signed a 30-year concession agreement with Aqaba Development Corporation (ADC) to manage and operate the Aqaba Multipurpose Port, Jordan’s only and exclusive general cargo and multipurpose seaport.
The deal fosters the UAE-based group’s investments in the coastal city’s logistics infrastructure, according to a press release.
Both entities will establish a joint venture (JV) to manage and operate the port, with AD Ports holding 70% ownership and ADC owning the remaining 30%.
Under the terms of the agreement, the ADX-listed company will invest AED 141 million ($38.40 million) in the JV, in addition to bringing extensive port development and operational expertise to the transaction.
Meanwhile, the group expected to formally assume operations of the port in August this year.
Shadi Majali, Chief Commissioner of the Aqaba Special Economic Zone Authority (ASEZA), commented: “This project will enhance Aqaba’s attractiveness as a regional logistics, industrial, and tourism hub, while strengthening connectivity with regional and international markets.”
Majali noted: “ASEZA remains fully committed to facilitating this project through streamlined procedures, investor-friendly policies, and continuous support, ensuring that Aqaba continues to serve as a strategic gateway for Jordan and the wider region.”
Hussein Safadi, CEO of Aqaba Development Corporation, stated: “Leveraging AD Ports Group’s expertise, global connectivity, digital trade solutions, and its expanding regional ports and maritime network, Aqaba is set to continue its rapid evolution into a world-class logistics and trade hub that generates sustainable economic growth.”
“This collaboration strengthens Aqaba’s ecosystem across logistics, tourism and port services, we are pleased to welcome this important step forward with AD Ports Group,” he added.
With the addition of Aqaba Multipurpose Port, AD Ports expands its global portfolio to 35 ports and terminals, spanning across the UAE, Jordan, Spain, Egypt, Syria, Pakistan, Kazakhstan, Tanzania, Angola, and Congo.
AD Ports recently finalized a $115 million project finance facility to accelerate the development of the Noatum Ports-Safaga Terminal in Egypt.
