Adani Ports and SEZ Limited on Friday announced signing of a memorandum of understanding (MoU) with AD Ports Group, for strategic joint investments in end-to-end logistics infrastructure and solutions.
Under the MoU, the area of coverage includes rail, maritime services, port operations, digital services, an industrial zone and the establishment of maritime academies in Tanzania.
The two companies signed the key agreement setting in motion a series of potential country-level investments to grow, improve, and promote an end-to-end maritime and logistics ecosystem making Tanzania a hub for the African region, a statement said.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “This MoU is significant in its impact on both Tanzania’s ability to transform itself into an African trading hub, as well as our ability to further develop our global capabilities and connections that will bring goods to market faster and more efficiently.”
The strategic investment in Tanzania in infrastructure and solutions will enable international companies to enter African markets. AD Ports Group facilitates logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world.
Karan Adani, CEO of Adani Ports and SEZ Ltd, commented, “We continue to support local employment, as well as general economic growth in Tanzania and East African countries that will benefit from our investments through the collaboration with AD Ports Group.”