AD Ports subsidiary acquires majority stake in Safina: AD Ports’ Noatum has acquired a majority stake in maritime, logistics, and cargo services provider Safina Shipping Services, the company said in a statement (pdf). The agreement to acquire the stake in the “key player in the Egyptian maritime industry” will close in 3Q 2024.

The details: While no information was provided about the size of the stake or value of the acquisition, the agreement will see Safina — a leading logistics provider for metal, mineral, and fertilizer shippers — absorbed into Noatum’s portfolio and rebranded as Noatum Maritime Egypt. The company’s founders will also retain a minority stake in the company.

It’s all in the family: AD Ports is no stranger to Safina, having purchased a 70% stake in Safina’s parent company IACC Holdings in 2022.

Noatum is fairly new to the AD Ports family: Abu Dhabi-based AD Ports fully acquired the Spanish logistics company back in July 2023 in a EUR 660 mn transaction as part of a wider expansion plan. Noatum is present in US, Chinese, and Southeast Asian markets. The subsidiary has since launched offices in Turkey as part of its ongoing expansion across the MENA region.

Noatum will expand Safina’s customer base: AD Ports plans to leverage Noatum’s extensive international network to help Safina “access new customers from more diverse industries and strengthen its local presence,” the statement said.

AD Ports is doubling down on the Egyptian market: The acquisition of Safina comes shortly after AD Ports inked an agreement in June to develop, operate, and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh, with USD 4.7 mn in investments over 15 years.

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