https://arab.news/4cmqf
- Sudan would be entitled to 35 percent of net profits from Abu Amama venture, finance minister said
ABU DHABI: A consortium led by AD Ports Group and Invictus Investment has signed a preliminary agreement with Sudan on Tuesday to build and operate the Abu Amama port and economic zone on the Red Sea with a $6 billion investment.
The project, located about 200 km north of Port Sudan, would include an economic zone, an airport and an agricultural zone of 415,000 acres.
A 450-km-long road will connect Abu Amama port with the agricultural area of Abu Hamad in Sudan’s River Nile state, the two sides said at the signing ceremony held in the Sudanese capital, Khartoum.
Under the terms of the agreement, Sudan will be granted the right to develop, manage and operate port and economic zone assets in Sudan, the Emirates News Agency, known as WAM, reported.
Meanwhile, the consortium will have the exclusive right to develop, manage and operate specific port and economic zone assets, as well as form joint ventures, partnerships or other business agreements to support other projects.
“AD Ports Group continues to extend its international reach under the guidance and direction of our wise leadership, supporting the development of port and trade assets in key markets around the world,” AD Ports Group CEO Mohammed Juma Al-Shamisi said.
“We are grateful and honored by the trust that the government of Sudan has placed in our consortium by signing this agreement, and we look forward to working with them on the development and management of key facilities,” Al-Shamisi added.
AD Ports Group and Invictus Investment previously agreed to establish a new international shipping service to operate as the carrier for Invictus’ dry-bulk trading business, which is a major commodity transporter to and from the Sudanese market.
Invictus Investment Co. PLC Chairman Osama Daoud Abdellatif said the port would be able to handle all kinds of commodities and would compete with the country’s main national port, Port Sudan, which has suffered recently from stoppages linked to the country’s political turmoil.
“Drawing on our deep experience of working with customers in Sudan and working alongside AD Ports Group, which is the premier global trade, logistics and transport enabler, we will strive to meet their high expectations and deliver for the people of Sudan,” Abdellatif said.
According to WAM, Sudan is a major trading partner of the UAE, with key Emirati exports including raw sugar, jewelry and broadcasting equipment.
Sudan’s Finance Minister Jibril Ibrahim said the country would be entitled to 35 percent of the net profits from the $6 billion Abu Amama venture.