The Qatar Investment Authority (QIA) is negotiating with the Egyptian government to develop and manage the port of Safaga under a 25-year usufruct contract, according to two sources familiar with the negotiations who spoke to Al-Sharq.
Egypt's sovereign wealth fund, which is involved in the negotiations, did not respond to Al-Sharq's request for comment, while the Qatar Investment Authority responded via an email with the words: "No comment."
The negotiations come after the two countries signed a memorandum of understanding on port cooperation last September during Egyptian President Abdel Fattah al-Sisi's visit to Doha.
Safaga Port is one of the Egyptian ports affiliated to the General Authority for Red Sea Ports, and it is a natural bay on the western coast of the Red Sea, located 60 kilometers south of Hurghada, and specializes in mining activity.
The Ministry of Transport announced in May that Egypt will establish a holding company that includes seven seaports in preparation for listing a stake on the stock exchange. To include the ports of Alexandria, Damietta, East and West Port Said, Adabiya, Sokhna and Safaga
