AD Ports Group, Red Sea Port Authority Sign Agreement to Boost Cruise Tourism in Egypt

Egypt’s Minister of Transport Kamel El Wazir, RSPA Chairman Mohamed Abdel Rahim, and Regional CEO of AD Ports Ahmed al-Mutawa (WAM)
Egypt’s Minister of Transport Kamel El Wazir, RSPA Chairman Mohamed Abdel Rahim, and Regional CEO of AD Ports Ahmed al-Mutawa (WAM)
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AD Ports Group, Red Sea Port Authority Sign Agreement to Boost Cruise Tourism in Egypt

Egypt’s Minister of Transport Kamel El Wazir, RSPA Chairman Mohamed Abdel Rahim, and Regional CEO of AD Ports Ahmed al-Mutawa (WAM)
Egypt’s Minister of Transport Kamel El Wazir, RSPA Chairman Mohamed Abdel Rahim, and Regional CEO of AD Ports Ahmed al-Mutawa (WAM)

Abu Dhabi Ports Group initiated a 15-year concession agreement with the Red Sea Port Authority (RSPA) to operate and manage three cruise terminals at Safaga, Hurghada, and Sharm el-Sheikh ports.

The agreement also encompasses the renovation of the Sharm el-Sheikh terminal, aiming to enhance the cruise tourism experience in Egypt.

A definitive concession agreement is expected to be concluded in the first quarter of 2024, subject to regulatory approvals.

The concession agreement was initialed in the presence of Egypt’s Minister of Transport, Kamel El Wazir, by RSPA Chairman Mohamed Abdel Rahim, Regional CEO of AD Ports Ahmed al-Mutawa, in the New Capital City, Cairo.

The collaboration will see AD Ports Group investing $3 million over 15 years in managing and operating the three cruise terminals to provide new services, improve access for cruise operators, and add new itineraries through the Group’s cruise terminal network in the Red Sea.

It will strengthen AD Ports Group’s cruise business in the Red Sea region, supporting volumes of cruise passengers and elevating passenger and cruise experiences.

According to the WAM news agency, Mutawa said “the agreement is a testament to our commitment to fostering tourism in the Red Sea region and strengthening the existing ties between the UAE and Egypt.”

“With an investment of $3 million, AD Ports Group is poised to boost cruise tourism in the Red Sea, bringing world-class services and facilities to these ports while supporting economic growth for Egypt.”

The partnership comes in the wake of signing a definitive concession agreement between AD Ports Group and RSPA for developing and operating a multi-purpose terminal at Safaga Sea Port.

The news agency reported that the collaboration will see an investment of $200 million over three years, aimed at developing a state-of-the-art facility within the strategic location of the Red Sea.

It will be the first internationally operated port serving the Upper Egypt region.

AD Ports Group inaugurated the Aqaba Cruise Terminal, the first-of-its-kind facility in Jordan.

The new addition to the Group’s Red Sea portfolio forms part of its global cruise expansion strategy aimed at elevating passengers’ cruise experience.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.