Abu Dhabi port operator acquires stake in Egyptian shipping firms
- Date: 01-Jul-2022
- Source: Al-Monitor
- Sector:Technology
- Country:Egypt
Abu Dhabi port operator acquires stake in Egyptian shipping firms
The Abu Dhabi-based port operator AD Ports Group has acquired a stake in two Egyptian companies.
AD Ports Group announced today it acquired a 70% stake in International Associated Cargo Carrier B.V., which owns the Egyptian shipping company Transmar and the Egyptian cargo company TCI. AD Ports Group paid just under $140 million for the stake, according to a series of tweets.
AD Ports Group is part of Abu Dhabi Developmental Holding, aka ADQ, which is a sovereign wealth fund of the United Arab Emirates (UAE).
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