Abu Dhabi Ports said it was acquiring a 70 percent stake in Egypt-based International Associated Cargo, which owns two major maritime companies in the North African country, in a deal amounting to AED514 million ($140 million).
The Egyptian firm owns Transmar International Shipping Company, a regional container shipping company that operates across the Arabian Gulf, Red Sea, and the eastern coast of Africa.
It also owns terminal operator Transcargo International SAE (TCI), which operates mainly out of the Adabiya port on the shore of Suez Bay.
The transaction was Abu Dhabi Ports’ first overseas acquisition, as part of its international expansion plan.
“This acquisition will support our wider growth targets for North Africa and the Gulf region and broaden the portfolio of services we are able to offer in those markets,” its chaiman Falah Mohammed Al Ahbabi, said.
Egypt is a crucial part of the company’s strategy for international expansion, group chief executive of Abu Dhabi Ports Mohamed Juma Al Shamisi said.
He added: “Egypt and the Red Sea coast are increasingly important parts of our global maritime offering, and we believe we are well-placed to boost trade and economic growth for customers and communities along these routes.”
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