A consortium of UAE-based AD Ports Group and Invictus Investment has signed a heads-of-terms agreement with the Sudan Government to build, manage, and operate port and economic zone assets in the country.
In addition to gaining the exclusive right to build, manage, and operate the specified port and economic zones assets, the consortium will be able to form joint ventures, partnerships, or other business agreements that support the funding, development, construction, management, and operation of the projects.
The heads of terms agreement come after an earlier agreement between Invictus Investment and AD Ports Group to roll out an international dry bulk shipping service that would act as the carrier for the dry-bulk trading business of Invictus.
This dry bulk trading business transports commodities to and from Sudan.
AD Ports Group managing director and group CEO Captain Mohamed Juma Al Shamisi 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.”
Invictus Investment Company chairman Osama Daoud Abdellatif 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.”
Sudan is a trading partner of the UAE, and the last 25 years have seen exports from the UAE to Sudan increase at an annualised rate of 14.6%, from $37.8m in 1995 to $1.14bn in 2020, while from Sudan to the UAE, exports have grown at an annualised rate of 18.4%, from $27.3m in 1995 to $1.86bn in 2020.