Abu Dhabi – Mubasher: AD Ports Group signed a 30-year concession agreement with the government of Congo to manage and operate the multipurpose New East Mole Terminal in Pointe-Noire across the Republic.
Under the deal, the UAE group will have the exclusive right to invest in the development, operation, management, and maintenance of the New East Mole Port.
In a press release, the ADX-listed company highlighted that the port will handle containers, general cargo, break-bulk, and other types of cargo.
AD Ports will inject more than $500 million, with nearly $220 million allocated for phase 1, which is expected to be concluded during the coming 30 months.
The agreement holds a 30-year duration period from the date of signing. However, AD Ports has the right to extend it for another 20 years in accordance with the same terms and conditions.
Meanwhile, the group will provide the new facility with the needed digital services and technology solutions in order to boost its efficiency.
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, commented: “By expanding our operations and presence in Congo, we are not only strengthening our position in the region but also tapping into a new market with immense potential.”
“We anticipate boosting trade and commerce between our countries and opening new trade routes, creating new employment opportunities, and contributing to the overall development of Congo,” Al Shamisi continued.
He concluded: “This concession agreement holds great potential and promise for both parties, especially when we consider the key role that the New East Mole Port in Pointe Noire plays as one of the best-performing ports on the central west coast of the African continent.”
Denis-Christel Sassou Nguesso, Congo’s Minister of International Cooperation and Promotion of Public Private Partnership, said: “Through this partnership, we will have access to AD Ports’ expertise and resources, which will be invaluable in developing our infrastructure and supporting our future plans.”
“We are confident that with their support, we can accelerate progress in critical areas such as transportation, trade, and logistics,” Nguesso noted.
The minister added: “We believe that this partnership has the potential to be a game-changer for our country, and we are excited to see the positive impact it will have in the years to come."
Last month, AD Ports agreed to join forces with Aramex and develop a new non-vessel operating common carrier (NVOCC) enterprise that aimed to anchor the freight forwarding industry.
In the first quarter (Q1) of 2023, the net profits attributable to the shareholders of AD Ports went up by 9% year-on-year (YoY) to AED 330.93 million from AED 304.92 million.
