AD Ports Group announces merger of KEZAD Communities with Al Eskan Al Jamae LLC

AD Ports Group announces merger of KEZAD Communities with Al Eskan Al Jamae LLC

Abu Dhabi, UAE – AD Ports Group (ADX: ADPORTS) the leading facilitator of trade, logistics, and industry, today announced the merger of KEZAD Communities with Al Eskan Al Jamae LLC (“EAJ”) to create Abu Dhabi’s largest integrated staff accommodation company in which AD Ports Group will retain a controlling majority stake.

The combined entity will have an equity value of approximately AED 7 billion, positioning it as one of the largest such businesses in the UAE. For the 9 months ended 30 September 2022, revenue was AED 275 million for KEZAD Communities and AED 205 million for EAJ. For the 9 months ended 30 September 2022, EBITDA was AED 168 million for KEZAD Communities and AED120 million for EAJ.

This transaction would be effected through an equity share swap with no cash exchange.

KEZAD Communities is part of the Khalifa Economic Zones Abu Dhabi – KEZAD Group, under AD Ports Group’s Economic Cities & Free Zones. KEZAD Communities business dates back to 2005 and was operated previously under ZonesCorp.

EAJ, a leading staff accommodation owner and operator in Abu Dhabi, is a real estate development and management company that owns and operates ICAD Residential City in Mussafah, Abu Dhabi. The residential city has 58,000