Abu Dhabi, UAE – 30 October 2024: AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry, today signed a Memorandum of Understanding (MoU) with the Somali Ministry of Fisheries & Blue Economy to explore the possibility of jointly investing and developing the nation's fisheries, ports, and maritime sectors.

The MoU will explore potential collaborations in integrating fish ports and processing plants, developing a maritime monitoring center and stations, upgrading port infrastructure, building integrated fishing ports, and establishing a technical vocational training school.

AD Ports Group brings a wealth of experience in managing ports, economic cities, and free zones, in addition to providing integrated multimodal logistics services in the UAE and globally. In collaboration with the Somali Ministry of Fisheries & Blue Economy, AD Ports Group will look for opportunities to develop the maritime and fisheries sectors and explore other potential projects.

In Africa, AD Ports Group recently secured concessions in the ports, maritime, and logistics sectors in Egypt, the Republic of Congo, Angola, and Tanzania. The United Arab Emirates is a long-time supporter of the people of Somalia, where agriculture makes up about two-thirds of economic output. The World Bank forecasts that the Somali economy will grow by 3.7% this year, accelerating to 4.5% in 2025, amid declining inflationary pressures and global commodity prices, as the government maintains broad-based fiscal stability.

H.E Ahmed Hassan Aden, Minister of Fisheries & Blue Economy, Somalia, stated: 'By joining forces with AD Ports Group, we are laying the groundwork for long-term growth and sustainability in our port infrastructure and fishing industries. This collaboration will not only enhance our capacity but also drive economic development and provide new opportunities for our communities reliant on the maritime economy.'

Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO, AD Ports Group, said: 'AD Ports Group will explore supporting Somalia's positive economic growth through potential investments and other collaborations in the nation's ports, fisheries and maritime sectors. Under the wise guidance of our leadership, AD Ports Group and the Federal Ministry of Fisheries & Blue Economy – Somalia will seek opportunities to unlock the potential of the country's maritime and fisheries sector by leveraging the Group's global expertise and resources to generate long-term growth and regional connectivity.'

The MoU will also consider ways to cooperate on the enforcement and implementation of maritime regulations, support the development of technology and infrastructure, and explore the potential provision of project management and other opportunities of mutual interest.