Abu Dhabi-based AD Ports Group (AD Ports) has started operations at its new CMA terminal in Khalifa port, the company has announced.
The new container terminal, which will boost Khalifa port’s capacity by 23%, was developed as part of an AED 570m ($155m) joint venture with French liner giant CMA CGM.
Vehicle traffic at the port surged by 30% in the first half of 2024, a growth AD Ports credited to the addition of 90,000 square metres of enhanced storage capacity.
AD Ports announced on 25 December the “completion of the biggest restructuring in its corporate history” with the integration of Spanish logistics provider Noatum Group into its operations.
Noatum comprises a maritime arm, 16 terminals and provides logistics services.
According to checks by TradeWinds, the deal cost AD Ports some AED 2.64bn ($718m) on 30 June 2023.
“Noatum Logistics has led the Middle East port group’s logistics cluster since the completion of the acquisition in July 2023,” AD Ports said.
Updates included Noatum Group’s maritime operating unit becoming a new business in Safeen Group, which has been renamed Noatum Maritime, while Noatum Terminals would become a part of the newly established Noatum Ports, handling all of AD Port’s international port operations.
Global joint ventures
In August, AD Ports bought a stake in Egypt’s Safina BV, a move that would expand the company’s route network to 15 Egyptian ports and provide transit services through the Suez Canal.
The size and cost of the stake were not revealed, though.
Also in August, AD Ports acquired a 60% stake in Tbilisi Dry Port, an intermodal logistics facility in Georgia along the Middle Corridor route, linking manufacturing centres in Asia to consumer markets in Europe.
The joint venture would allow AD Ports to leverage a network of sea and dry ports across Kazakhstan, Azerbaijan, Armenia, Georgia and Turkey.
In May, AD Ports and Indian ports operator Adani bought Tanzania International Container Terminal Services, which operates berths 8 to 11 at Dar es Salaam port in Tanzania.
In April, AD Ports secured a 20-year concession to operate, develop and manage a multipurpose terminal at Angola’s Port of Luanda, committing up to $279m in investment.
On the sidelines, AD Ports also established joint ventures with local Angolan logistics companies, including Multiparques and Unicargas.
In February, AD Ports also inked a 25-year concession at Karachi Port in Pakistan to develop, operate and manage the bulk and general cargo terminal berths 11 to 17, with plans to invest $75m in the first two years and possibly $100m in the next five years.
In January last year, AD Ports also inked agreements worth $200m over three years, with the Red Sea Ports Authority to develop, operate and manage three cruise terminals in Safaga, Hurghada and Sharm El Sheikh, expanding its presence in Egypt.
“These strategic moves strengthen AD Ports Group’s cruise business in the region, by complementing the cruise terminal in Aqaba, Jordan, and supporting increased cruise passenger volumes and experiences across the region,” the group said.
Securing financing
In September, AD Ports refinanced its syndicated loan of $2.25bn at lower interest rates, and also refinanced and upsized its revolving credit facility in December from $1bn to $2.125bn “for greater financial flexibility, lower cost of funding, and better planning options”.
In November, AD Ports claimed it had “record levels of revenue and net profit” in its first nine months of 2024.
Revenue soared 57% to AED 12.72bn, while total net profit attributable to shareholders fell 5% to AED 947m.
