AD Ports Group, a leading global enabler of integrated trade, industry and logistics solutions, on Thursday signed a 30-year concession agreement with Aqaba Development Corporation (ADC) to manage and operate the Aqaba Multipurpose Port, Jordan’s only and exclusive general cargo and multipurpose seaport.
The agreement will establish a joint venture to manage and operate the port, with AD Ports Group holding 70% ownership and ADC holding the remaining 30%.
Under the terms of the agreement, AD Ports Group will invest a total of AED141 million ($38.4 million) in the joint venture, in addition to bringing extensive port development and operational expertise to the transaction. The group anticipates to formally assume operations of the port in August of this year.
The signing ceremony was held at the headquarters of the Aqaba Special Economic Zone Authority (ASEZA) in Aqaba, in the presence of Counselor Hamad Al Matrooshi, Chargé d'Affaires of the UAE Embassy in Amman; Shadi Majali, Chief Commissioner of the Aqaba Special Economic Zone Authority; and Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO of AD Ports Group.
The agreement was signed by Hussein Safadi, CEO of Aqaba Development Corporation; and Ahmed Al Mutawa, Regional Chief Executive Officer of AD Ports Group.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Today’s signing represents a continuation of the strong and enduring economic cooperation between the two countries, including the development initiatives implemented by AD Ports Group in Aqaba City. This aligns with the directives of our wise leadership to strengthen cooperation with the Hashemite Kingdom of Jordan and to support the Kingdom’s vision of transforming the Port of Aqaba into a leading commercial gateway in the Red Sea region.”
He added: “This agreement further strengthens AD Ports Group to drive long-term, transformative economic impact in the region, enabling further business growth in support of the aspirations of our partners in Jordan. We extend our appreciation to our partners at the Aqaba Development Corporation for their confidence in AD Ports Group as a strategic partner in driving growth in Aqaba City and contributing to the advancement of its economic ecosystem. We look forward to further strengthening our long-term partnership, founded on collaboration to achieve shared interests and mutual benefits.”
Majali commented: “This strategic partnership represents a key milestone in advancing Aqaba’s role as a competitive and integrated economic zone. The development of the Aqaba Multi-Purpose Port, in collaboration with AD Ports Group, reinforces ASEZA’s mandate to create an enabling regulatory and investment environment that supports efficient trade, high-value logistics services, and sustainable economic growth."
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