AD Ports-led consortium signs initial pact to develop Sudan's Red Sea port
New agreement provides consortium the right to develop, manage, and operate port and economic zone assets in Sudan
A consortium led by AD Ports Group and Invictus Investment has signed a Heads of Terms agreement with the Government of the Republic of Sudan that provides them with the right to develop, manage, and operate port and economic zone assets in Sudan.
Under the terms of the agreement, the consortium will have the sole right to directly develop, manage, and operate specified port and economic zones assets and to create joint ventures, partnerships, or other business agreements to support the financing, development, construction, management, and operation of the projects.
The Heads of Terms follows an earlier agreement between AD Ports Group and Invictus Investment to launch a new international dry bulk shipping service to serve as the carrier for Invictus’ dry-bulk trading business, which is a major transporter of commodities to and from the Sudanese market.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said:
“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. We are grateful and honoured 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.”
Osama Daoud Abdellatif, Chairman of Invictus Investment Company PLC, said:
“Invictus Investment is proud to be part of the consortium selected by the Government of the Republic of Sudan for this important agreement. 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.”
The Republic of Sudan is a major trading partner of the United Arab Emirates. During the last 25 years, exports from the United Arab Emirates to Sudan have increased at an annualised rate of 14.6%, from $37.8M in 1995 to $1.14B in 2020, with key exports including raw sugar, jewellery, and broadcasting equipment, while exports from Sudan to the United Arab Emirates have increased at an annualised rate of 18.4%, from $27.3M in 1995 to $1.86B in 2020.
