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Is ADP eyeing stakes in Port Said + Damietta container and cargo handling?Abu Dhabi Ports (ADP) has reportedly submitted an initial offer to acquire a controlling stake in state-owned Port Said Container and Cargo Handling (PSCCHC) and Damietta Container and Handling (DCHC), Al Mal reports, citing what it says are sources close to the matter. No details were provided on the stake size AD Ports is eyeing, nor the value of its offer.
ADP’s bid would rival an offer from Qatar’s SWF: The Qatar Investment Authority’s investment arm Maha Capital Partners had submitted an offer to acquire stakes in the two terminal operators in January. The negotiations with Qatar have stalled over the size of the stake Maha Capital wants to acquire, with the Transport Ministry reportedly reluctant to sign off on the QIA acquiring a majority stake in the companies.Qatar had inked an MoU to invest in Egypt’s port infrastructure, a few months after pledging to invest USD 5 bn into the economy to help shield the country from the fallout from the war in Ukraine.
What’s next: ADP’s offer will be presented to the board of PSCCHC and DCHC’s parent company, the Holding Company for Maritime Transports, Al Mal’s sources said, without providing further information on the expected timeline of the negotiation process.
ADP is no stranger to the Egyptian market: ADP signed a concession agreement earlier this month to develop and operate a container terminal at Safaga Port for USD 200 mn. The Emirati port developer has also signed two 15-year agreements worth a combined USD 33 mn to develop cement terminals at Al Arish Port and West Port Said Port. Last year, the group also acquired a 70% stake in shipping and logistics firm International Associated Cargo Carrier for USD 140 mn.
MEANWHILE- ADP is also eyeing a project in East Port Said Port: ADP has inked a MoU with the Suez Canal Economic Zone to develop and operate a multi-purpose container terminal in East Port Said Port, theSCZone said last week.. The company will start work on the new terminal in the coming months with the aim of having the first phase of the project up and running in 2Q 2024. The terminal will complement a nearby logistics zone the group is working on, according to the statement.
