According to local sources, the Red Sea Ports Authority (RSPA), a subsidiary of Egypt's ministry of transportation will offer the Safaga Port to the private sector this month through the Public-Private Partnership (PPP) unit of the ministry of finance.

The Islamic Development Bank, the International Monetary Fund, the European Union, the European Investment Bank and the European Bank for Reconstruction and Development provided the funding for preliminary feasibility studies, currently being prepared by Hamburg Ports.

Safaga Port is estimated to cost around EGP6 billion (US$858 million) and ranks third among the priority projects being undertaken by the PPP Unit, following the Abu Rawash wastewater treatment plant and the waste recycling project.

The project

Development and upgrading of Safaga mining port with one platform for exporting crud Phosphate to be an Industrial Port with 8 platforms to receive bigger vessels and adding 3 more industries (Exporting Phosphoric Acid-importing & exporting Grains - importing Live Stock - maintenance dock Shipyard)

Safaga Port is located on the Red Sea, approximately 60 kilometers south of Hurghada. With a depth reaching 16 meters, vessel capacity at the port can accommodate up to 60,000 tons, with daily shipping volume recorded at 12,000 tons.