Abu Dhabi’s AD Ports Group is spending $140m to acquire a 70% equity stake in International Associated Cargo Carrier, which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International (TCI).
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa.
TCI is a terminal operator and stevedoring company, mainly operating out of Adabiya Port, where it is the exclusive container operator. Its two lines of business are container and bulk cargo services. In 2021, TCI handled 92,500 teu and 1.2m tonnes of bulk cargos.
Falah Mohammed Al Ahbabi, chairman of AD Ports Group, said: “This is the first overseas acquisition in AD Ports Group’s history, and an important milestone in our ambitious international expansion plan. This acquisition will support our wider growth targets for North Africa and the Gulf region and broaden the portfolio of services we are able to offer in those markets.”
This deal is the latest in a series by AD Ports Group in the Egyptian maritime industry, including agreements with the Egyptian Group for Multipurpose Terminals for the joint development and operation of Egypt’s Ain Sokhna Port and an agreement with the General Authority for Red Sea Ports for the development, operation, and management of cruiseship berths at Sharm El Sheikh Port.
