The $140 million deal marks AD Ports’ first international acquisition and is set to be fully funded from the group’s current cash reserves of more than $820 million.

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The Abu Dhabi-based global provider of port management, economic zones, maritime, and logistics solutions, AD Ports Group completed on Wednesday the acquisition of a 70% equity stake in Egypt’s maritime companies, Transmar International Shipping Company (Transmar) and Transcargo International S.A.E. (TCI), as part of its strategy to expand its footprint in the container, cargo and port segments across Egypt, North Africa and Gulf regions, and along the Red Sea.  

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Expanding foothold

The $140 million (AED514 million) deal marks AD Ports’ first international acquisition; and is set to be fully funded from the group’s current cash reserves of more than $820 million (AED3 billion).

“The successful completion of this international acquisition is another important step in our journey of global growth and market expansion in line with the vision of our wise leadership,” AD Ports Group CEO and Managing Director, Captain Mohamed Juma Al Shamisi said, noting that the group prides itself on its “proven ability to invest in value-adding partnerships and acquisitions that enhance our portfolio of services and provide new trade connections for our global customers.”

Al Shamisi further highlighted that the acquisition gives the company a controlling position in two regional market leaders; and enhances its 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,” he added.

Over the past year, the company has expanded its global footprint with strategic investments and partnerships in key growth markets including Jordan, Uzbekistan, Tanzania and Egypt.

About the companies

Transmar is a regional container shipping company, with operations across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa.

The company’s regional network includes Adabiya and Sokhna ports in Egypt; Jeddah, Jubail and Dammam ports in Saudi Arabia; Aqaba in Jordan; Port Sudan in Sudan; and the port of Djibouti in Djibouti, as well as Khalifa Port and Jebel Ali in the UAE.

TCI is a terminal operator and stevedoring company specialising in project cargo handling, heavy lift, breakbulk, industrial breakbulk, general cargo and container handling, as well as warehousing and storage facilities.

It owns and operates a fleet of modern stevedoring equipment and has a strong focus on terminal operations in Adabiya Port, one of the main ports serving the Egyptian Red Sea region.

Combined, the two companies are projected to deliver $137 million in revenue and an EBITDA of $65 million for the full-year 2022.

The firms will remain under the management of El Ahwal family and the current executive team to deliver the set growth plans in conjunction with AD Ports Group.