Egypt Bolsters Economic Ties with New Agreements with UAE and China
Egyptian Prime Minister Mustafa Madbouly witnessed the signing of a memorandum of understanding between the Abu Dhabi Ports Group and the General Authority of the Suez Canal Economic Zone for the development of industrial land in East Port Said.
Additionally, he observed the signing of an agreement between the Industry Modernization Center, the Emirati company EneRCap, and GSU for the study of establishing a factory for energy storage batteries.
Another agreement was signed between the Industry Modernization Center, the Chinese company G.I. Solar, and GSU for the establishment of two factories for manufacturing solar cells and modules.
Earlier this year, the Ministry of Transport signed an agreement with an Emirati group to develop, manage, operate, and maintain three tourist passenger terminals at the ports of Safaga, Hurghada, and Sharm El Sheikh for a renewable 15-year period.
The Egyptian Ministry of Transport aims to transform Ain Sokhna Port into a global logistics hub upon completion of current development projects. These projects include constructing 18
kilometers of quay walls and cargo handling yards spanning up to 8.6 million square meters,
connected by a railway network including Egypt’s first electric high-speed rail from Alamein to
Ain Sokhna.
A government source stated that with the signing of these project contracts, the Abu Dhabi Ports
Group would become the leading Arab operator in maritime projects, overseeing operations at
nearly six stations in the Red Sea and Al-Arish.
