The Egyptian Transport Minister Kamel al-Wazir, commented on the signing of the final contract for the operation, management and maintenance of the multi-purpose terminal in the port of Safaga between the Red Sea Ports Authority and the Abu Dhabi Ports.
During a phone-in with TV host Amr Adib on his show “al-Hekaya” (The Story), on MBC Masr, on Sunday evening, Wazir said that “Egypt does not sell its ports. “The contract signed between the Ministry of Transport and Abu Dhabi Ports to operate the Safaga 2 Terminal does not mean the state is selling its properties. Corporate management of ports is not a novelty, it is an activity present in the whole world.”
The minister stressed that “Egypt has full sovereignty over the port of Safaga, and Egypt will continue to have the rights to recover the infrastructure and superstructure of the port. We seek to benefit from huge investments, and the golden triangle has a promising future, and the Emirati investor knows this through feasibility studies.”
Wazir praised the Egyptian-Emirati coordination to establish a world-class aluminum factory, noting that the multi-purpose terminal in Safaga port will serve the project.
He pointed out that the cost of the Safaga 2 Terminal exceeds LE 2.5 billion, and the minimum turnover through the stating will bring to Egypt LE 1.5 billion over the course of the concession contract.
Wazir explained that there are two national companies that will undertake work in the construction of the superstructure of the Safaga 2 Terminal with Emirati investments.