AD Ports bolstering shipping ties with China
UAE-based port operator Abu Dhabi Ports (AD Ports) has signed two agreements with China-based Shandong Port Group to establish the region’s first tyre hub and strengthen trade and shipping links.
The first agreement will see the parties establishing the hub for the storage and distribution of tyres at the KIZAD logistics zone.
The second “Sister ports” agreement is expected to further bolster trade and shipping links between the UAE and China.
According to AD Ports, the agreement signings coincided with the arrival of the first shipment under this endeavour.
Furthermore, the project aims to drive economic diversification and attract foreign investments.
Over the last few months, AD Ports secured several contracts for various projects that include building new terminals and forming logistics alliances.
Namely, in September, the port operator signed a 35-year concession agreement with French container shipping major CMA CGM to develop a new terminal in Abu Dhabi, said to be the first semi-automated container port in the GCC region.
A month ago, AD Ports formed a strategic partnership with Turkey’s sovereign wealth fund Türkiye Varlık Fonu (TVF) to collaborate on major investment projects within Turkey.
Most recently, the company signed four strategic agreements and a Head of Terms agreement (HoT) with Jordan’s Aqaba Development Corporation (ADC) for the development of a new cruise terminal in Aqaba.