Abu Dhabi Ports buys $140 million majority stake in Egyptian logistics firm in first international acquisition – Arabian Business

Abu Dhabi Ports buys $140 million majority stake in Egyptian logistics firm in first international acquisition – Arabian Business

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.