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AD Ports Inks Deals for Major Projects Along Egypt’s Coastline

Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority have signed a term sheet and a head of terms agreement. Asharq Al-Awsat
Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority have signed a term sheet and a head of terms agreement. Asharq Al-Awsat
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AD Ports Inks Deals for Major Projects Along Egypt’s Coastline

Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority have signed a term sheet and a head of terms agreement. Asharq Al-Awsat
Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority have signed a term sheet and a head of terms agreement. Asharq Al-Awsat

Abu Dhabi Ports Group and Egypt's Red Sea Ports Authority have signed a term sheet and a head of terms agreement for the development of major port projects along Egypt's coast.

The Abu Dhabi entity will develop, operate, and manage a multi-purpose terminal in Safaga Port in a consortium with the Red Sea Ports Authority and the Egyptian Group for Multipurpose Terminals Company, the commercial arm of Egypt’s Ministry of Transportation.

The agreement was signed by Major General Mohamed Abdel Rahim, the chairman of the Board of Directors of the Red Sea Ports Authority; Rear Admiral Abdel Qader Darwish, the chairman of the Board of Directors of the Egyptian Group for Multipurpose Terminals, and Saif Al Mazrouei, the CEO of the Ports Cluster of AD Ports Group.

The Safaga facility on the Red Sea will likely be completed in 2024, offering berths of up to 1,000 meters and capable of handling all types of general, dry, and liquid bulk cargo.

The new joint venture will provide port users with a wide range of marine services, including services related to vessel traffic management, dangerous goods control, provision of navigation aids, anchorage, dredging, pilotage, towage, and mooring and unmooring solutions.

The memorandum was signed by Major General Mohamed Abdel Rahim, the chairman of the Board of Directors of the Red Sea Ports Authority, and Saif Al Mazrouei, the CEO of the Ports Cluster of AD Ports Group.

The second agreement covers the development, operation and management of cruise ship berths and terminals at Sharm El Sheikh, Hurghada and Safaga ports, and to provide support services to help extend cruise tourism in Egypt. In addition, AD Ports Group will develop plans for cruise ships lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and Aqaba.

The agreement permits the group to carry out development work to enhance the experience of visiting tourists.

The venture aims to transition Egypt into a “global trade and logistics hub through the development of Egyptian ports at the Red Sea and Mediterranean Sea coasts, and the constructive cooperation between Egyptian and UAE ports,” said Lieutenant-General Kamel El-Wazir, Egypt’s Minister of Transport.

“The Ministry of Transport has ambitious plans to boost maritime trade and transportation, and AD Ports Group stands ready to leverage its expertise and experience to support these vital development projects,” said Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.

The agreements are among a series of deals between AD Ports Group and maritime organizations in Egypt, including an agreement with the Egyptian Group for Multipurpose Terminals for the joint development and operation of Egypt’s Ain Sokhna Port.

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Business

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.