AD Ports Group expands Egypt presence as Noatum buys majority stake in Safina
After a revenue surge in H1-2024, the AD Ports Group is in no mood to slow down in the second-half. Within a matter of days, the Abu Dhabi entity has announced more overseas deals.
Noatum, an AD Ports Group entity, has bought a majority stake in Safina B.V., an Egypt-based provider of maritime agency and cargo services in the Middle East. The deal is expected to close in Q3-2024. (It was last year that AD Ports Group had bought Noatum in a Dh2 billion plus deal.)
The Safina deal is a 'significant step' for Noatum Maritime in its expansion across the Mediterranean, which includes the recent opening of offices in Turkey. "The move also integrates well into AD Ports Group’s broader presence in Egypt," said a statement. This has seen it win concession agreements for the management and operation of cruise and Ro-Ro terminals at Safaga, Hurghada, Sharm El Sheikh and Sokhna ports.
Safina offers agency services and maritime logistics to shippers serving the metals, minerals, and fertilisers sectors. "With Noatum’s extensive international network, Safina will be in an excellent position to access new customers from more diverse industries and strengthen its local presence," the statement added.
Safina has six office locations, including the headquarters in Cairo which allows it to provide agency services across 15 Egyptian ports, offering liner and tramp agency services as well as transit services through the Suez Canal. Safina has a 'sizable market share' in both Mediterranean and Red Sea Egyptian Ports, inclusive of Sokhna, Adabiya, Damietta, Port Said and Alexandria.