ABU DHABI, 7th December, 2022 (WAM) -- AD Ports Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, to address infrastructure gaps across the continent.
The agreement provides the basis for the two organisations to join forces on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa.
Both parties will bring their technical expertise and strong financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities.
The collaboration agreement could provide vital support for ports and maritime facilities in Africa, which are often overstretched by growing demand for imported goods and export-driven industrial production facilities that require significant investment to modernise and increase capacity and enhance productivity.
According to a report from the African Union (AU), throughput at African ports will reach 2 billion tonnes by 2040, a major challenge when the current average dwell time - the time cargo spends at port - is around 20 days across the continent, compared to the global average of four days.
Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, "Some of the world's fastest-growing economies are in Africa, necessitating the creation a new generation of ports and maritime facilities, supported by smart technology and enhanced freight infrastructure. We see a key opportunity to support African nations in their efforts to develop advanced trade hubs that can manage the rising volume of maritime commerce and deliver excellent connectivity. By working with AFC, we will look to prioritise projects that can make a lasting impact on the economies and communities of their respective nations, in-line with the direction of our wise leadership to support progressive development."
Samaila Zubairu, President and Chief Executive Officer of AFC, commented, "We are pleased to sign this collaboration agreement with AD Ports Group today, demonstrating the UAE's ongoing enthusiasm to invest and deploy expertise in Africa. By combining AFC's specialist expertise and outstanding investment track record with AD Ports Group's technical proficiency, I am confident that our collaboration will yield the development of some of the most advanced integrated ports and logistics platforms in Africa and the world at large. We look forward to a continued partnership as we work together to unleash Africa's economic potential and transform lives on the continent."