White & Case advises AD Ports Group on financing package for Noatum Ports - Safaga Terminal

Global law firm White & Case LLP has advised AD Ports Group (ADX: ADPORTS), as sponsor, on securing a project financing package to advance the development of Noatum Ports - Safaga Terminal on Egypt's Red Sea coast.

"This groundbreaking transaction aligns with AD Ports Group's vision to leverage long-term, multilateral-backed financing for strategic infrastructure in emerging markets," said White & Case partner and Co-Head of the Middle East Adam Pierson. "This structure brings together an international sponsor, multilateral lenders and leading regional banks under a strong common terms platform to deliver the terminal concession agreement."

The financing, provided by the International Finance Corporation (IFC) and National Bank of Kuwait Egypt S.A.E. (NBK Egypt) as lenders, will support the development, design, construction, financing, insuring, testing, commissioning, ownership, operation and maintenance of the 810,000 m² multipurpose terminal with a quay wall length of 1,100 meters, of which 1,000 meters will be dedicated to the terminal.

"Through this landmark cross-border project financing, AD Ports Group is supporting the long-term development of strategic port infrastructure on the Red Sea and strengthening trade flows between Egypt and the wider region," said White & Case partner Sherief Rashed, who led the Firm's deal team. "Advising AD Ports Group on this landmark project finance transaction underscores the growing international recognition of Egypt's strategic role in global trade and logistics. This transaction showcases White & Case's market-leading expertise in delivering innovative financing solutions for transformative projects in the region."

The Noatum Ports - Safaga Terminal is set to become the first internationally operated port terminal in Upper Egypt, strengthening the country's position as a regional trade hub and fostering sustainable economic growth. Located within Safaga Seaport on Egypt's Red Sea coast, the multipurpose terminal is being developed under a 30-year concession agreement with the General Authority for Red Sea Ports. The project is supported by a common terms agreement governing an IFC A Loan and IFC B2 Loan.

The Port of Safaga is one of the most important Egyptian seaports on the Red Sea coast. Located approximately 60 kilometers south of Hurghada, it serves as the principal maritime component of Egypt's Golden Triangle Economic Zone, a landmark national development project located in southern Egypt, spanning the Governorates of Qena, Sohag and the Red Sea. It aims to extract the region's mineral resources and establish a world-class industrial, tourism and logistics hub with a view to attracting investment and achieving sustainable development.

HSBC Bank Middle East Limited acted as administrative agent and offshore security agent and HSBC Bank Egypt S.A.E. acted as onshore security agent and onshore account bank.

White & Case advised AD Ports Group on all aspects of the financing and security package, including the common terms agreement, related facility agreements and step in agreement with the authority for the Safaga terminal concession.

The White & Case team which advised on the transaction was led by partners Sherief Rashed (Dubai & Cairo) and Adam Pierson (Abu Dhabi) and local partner Ziad Gadalla (Cairo) and supported by associates Omar Sinaceur and Brian Roduner (both Abu Dhabi) and Mohannad Fathi and Mostafa Mahmoud (both Cairo).

The White & Case team which advised on the transaction was led by partners Sherief Rashed (Dubai & Cairo) and Adam Pierson (Abu Dhabi) and local partner Ziad Gadalla (Cairo) and supported by associates Omar Sinaceur, Brian Roduner (both Abu Dhabi), Mohannad Fathi, Mostafa Mahmoud (both Cairo) and Brenda Migwalla (Doha).

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