Suez Canal Economic Zone And Suez Steel Forge Partnership To Operate Dry Bulk Facilities At Adabiya Port
Shipping Arabia, December 29, 2024 — The Suez Canal Economic Zone (SCZone) has reached a preliminary agreement with Suez Steel Co. to establish a dry bulk berth and yard at Adabiya Port, marking a significant advancement in the region’s port facility utilization.
The agreement was signed by Mr. Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone, and Mr. Rafiq Bolos Daw, Vice Chairman and Managing Director of Suez Steel. Under the terms of the concession, Suez Steel will receive a dedicated area of 30,000 square meters at the port. This $120 million investment will involve the operation and maintenance of berths 4 and 5, which will span 650 meters in length and have a depth of 17 meters. The project will also include the management of a storage and handling yard for dry bulk cargo, raw materials, and products related to the iron and steel industry.
During the signing ceremony, attended by key officials from both SCZone and Suez Steel, Mr. Gamal El-Din highlighted the strategic significance of optimizing the economic zone’s port facilities to enhance global supply chains. He stated, “Our collaboration with major local and international partners is essential for improving the infrastructure and operational standards of our ports, creating significant employment opportunities, and contributing to Egypt’s Vision 2030.” Adabiya Port, located at the southern entrance of the Suez Canal, is vital for connecting Asia and Africa and serves as a key hub for both dry and liquid bulk cargo.
Mr. Daw expressed optimism regarding the partnership’s potential to drive economic growth, indicating that the expected dry bulk cargo throughput could reach 5 million tons annually in the initial phase, with plans to double this volume within five years. “This capacity expansion will not only benefit the iron and steel sectors but will also stimulate growth across various industries, including automotive manufacturing and energy projects,” he noted.
Adabiya Port is one of the main Red Sea ports for bulk cargo, currently handling around 7 million tons annually. The port is undergoing extensive infrastructural upgrades, including berth enhancements to accommodate larger vessels and specialized provisions for oversized cargo, ensuring its readiness to meet the growing demands of maritime trade and industry.
