Middle East Business: AD Ports buys majority stake in two Egyptian maritime firms for $140m – Gulf Digital News

Middle East Business: AD Ports buys majority stake in two Egyptian maritime firms for $140m – Gulf Digital News

AD Ports Group, today announced that it has completed the acquisition of a 70 per cent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International S.A.E. (TCI) for AED 514 million ($140 million) as part of its first international acquisition.

The value-accretive acquisitions of the two Egypt-based maritime companies provide AD Ports Group with a market-leading platform for further growth in container, cargo and port operations in Egypt, North Africa and Gulf regions, and along the entire Red Sea, , a statement by the company said.

AD Ports Group has expanded its global footprint significantly over the past year, announcing a series of new investments and partnerships in markets on key trade routes for the UAE including Jordan, Uzbekistan, Tanzania and Egypt.

Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa. Ports along its routes include Adabiya and Sokhna in Egypt; Jeddah, Jubail and Dammam in the Kingdom of Saudi Arabia; Aqaba in Jordan; Port Sudan in Sudan; and Djibouti in Djibouti, Khalifa Port and Jebel Ali in the UAE. It has special capabilities for handling petrochemical products, which make up a significant proportion of trade along these