UAE - Mubasher: Abu Dhabi Ports has inked a 35-year concession agreement with France-based CMA CGM Group, specialised in shipping and logistics, to invest AED 570 million ($154 million) in establishing a new terminal at Khalifa Port.
Under the agreement, the new terminal will be managed by a joint venture owned by CMA CGM’s subsidiary CMA Terminals with a 70% stake and AD Ports with a 30% stake, according to a press release on Thursday.
With construction works set to begin in 2021, the new terminal will be handed over in 2024 with an initial quay length of 800 metres and an estimated annual capacity of 1.8 million TEUs in the first phase.
The Chairman of AD Ports Group, Falah Mohammed Al Ahbabi, said: "This agreement will aid us to realise our long-term ambitions to become a top 10 ports, industrial, and logistics operator by expanding our capacity and growth across the region and beyond."
Meanwhile, the Chairman and CEO of the CMA CGM Group, Rodolphe Saadé, commented: "This state-of-the-art terminal will contribute to enhancing Khalifa Port’s position as a leading global hub and to boosting the region’s economy, accelerating trade flows in and out of Abu Dhabi."
