Abu Dhabi's AD Ports Group completes first international acquisition
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Abu Dhabi’s AD Ports Group completes first international acquisition

Abu Dhabi’s AD Ports Group completes first international acquisition

The group acquired a 70 per cent equity stake in two Egypt-based maritime companies – Transmar International Shipping Company and Transcargo International

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AD Ports Group

AD Ports Group has completed the acquisition of a 70 per cent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International (TCI).

The total purchase consideration (enterprise value) for 70 per cent shareholding amounts to Dhs514m ($140m) and becomes the first international acquisition realised by AD Ports Group.

Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa. Ports along its routes include Adabiya and Sokhna in Egypt; Jeddah, Jubail and Dammam in Saudi Arabia; Aqaba in Jordan; Port Sudan in Sudan; and Djibouti in Djibouti, Khalifa Port and Jebel Ali in the UAE. Meanwhile, TCI is a terminal operator and stevedoring company that specialises in project cargo handling, heavy lift, breakbulk, industrial breakbulk, general cargo and container handling, as well as warehousing and storage facilities. Together, Transmar and TCI target to deliver revenue and EBITDA of around $137m and $65m, respectively, for full-year 2022.

Captain Mohamed Juma Al Shamisi, managing director and group CEO, AD Ports Group, said: “This acquisition provides us with a controlling position in two regional market leaders and enhances our presence along key trade lanes. We see significant opportunity for leveraging the expertise and experience of Transmar and TCI to enhance our commercial offering across the Gulf region and North Africa.”

AD Ports Group has expanded its global footprint over the past year, announcing new investments and partnerships in markets on key trade routes for the UAE including Jordan, Uzbekistan, Tanzania and Egypt.

It signed an agreement with Uzbekistan’s oil and gas company Sanoat Energetika Guruhi to establish a joint venture for developing logistics infrastructure and services in Uzbekistan.

Read: Abu Dhabi’s AD Ports Group, SEG to create logistics cluster in Uzbekistan

The group also inked a term sheet and a head of terms agreement with the Red Sea Ports Authority to enable the development of key port projects along Egypt’s coastline.

Read: AD Ports, Red Sea Ports Authority sign agreement for projects in Egypt

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