{"id":547657,"date":"2022-07-03T04:23:00","date_gmt":"2022-07-03T04:23:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/and-the-gcc-investments-keep-rolling-on\/"},"modified":"2022-07-03T04:23:00","modified_gmt":"2022-07-03T04:23:00","slug":"and-the-gcc-investments-keep-rolling-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/and-the-gcc-investments-keep-rolling-on\/","title":{"rendered":"And the GCC investments keep rolling on\u2026"},"content":{"rendered":"

<\/a> ADP Group grabs majority stake in major local cargo firm:<\/strong> Abu Dhabi Ports (ADP) has reached an agreement to acquire a 70% stake in local shipping and logistics firm International Associated Cargo Carrier (IACC)<\/a> for AED 514 mn (USD 140 mn), according to a press release<\/a> by the Abu Dhabi Government Media Office.<\/p>\n

This is ADP\u2019s first international acquisition in its history<\/strong> and will be funded from the company\u2019s reserves, which currently stand at more than AED 3 bn (USD 816.7 mn), it said.<\/p>\n

Who\u2019s who:<\/strong> IACC Holdings<\/a>, owned by the El Ahwal family<\/a>, is an investment company that focuses on shipping and logistics. It is the sole owner of Egypt-based shipping firm Transmar<\/a> and terminal operator Transcargo International (TCI)<\/a>, and also owns two other shipping companies, Safina and IACC Logistics, according to its website. Transmar operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa and handled around 109k TEUs last year, according to the statement. TCI\u2019s focus is container operations at Adabiya Port, and handled around 92.5k TEUs and some 1.2 mn tons of bulk cargoes in 2021.<\/p>\n

No management changes: <\/strong>The El Ahwal family and its executive team will remain in management of both Transmar and TCI, the statement said.<\/p>\n

Advisors: <\/strong>KPMG LG acted as the financial advisor to ADP, while PwC acted as the buyer\u2019s commercial advisor and Matouk Bassiouny and Hennawy as its legal advisor. Transmar and TCI had EFG Hermes acting as the exclusive financial advisor and White & Case as the legal advisor.<\/p>\n

ADP is no stranger to our ports: <\/strong>In May, ADP signed contracts<\/a> to build and run a multi-purpose terminal in Safaga Port as part of a joint venture with the Red Sea Ports Authority and the Transport Ministry\u2019s commercial arm, and cruise ship berths and terminals in the Sharm El Sheikh, Hurghada and Safaga ports. ADPin March signed agreements<\/a>with the Transport Ministry to manage and operate a multi-purpose terminal in Ain Sokhna port and a river port in Minya Governorate.<\/p>\n

And the UAE is investing big in Egypt right now: <\/strong>ADP is majority owned by Abu Dhabi sovereign wealth fund ADQ, which bought 32% of Alexandria Container & Cargo Handling as part of its USD 1.8 bn investment<\/a> in five local state-owned and private firms in April.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADP Group grabs majority stake in major local cargo firm: Abu Dhabi Ports (ADP) has reached an agreement to acquire a 70% stake in local shipping and logistics firm International Associated Cargo Carrier (IACC) for AED 514 mn (USD 140 mn), according to a press release by the Abu Dhabi Government Media Office. This is […]<\/p>\n","protected":false},"author":1,"featured_media":547658,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[600,72,2111,145,7128,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-abu-dhabi-ports","tag-enterpriseam","tag-iacc","tag-logistics","tag-ma-watch","tag-uae","wpautop","entry"],"acf":{"mongo_id":"72ba8ef5-72b9-4980-95a0-3aad6a31d3c7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/79.jpg","photo_position":"above","related_issue":[547651],"teaser":"","voice_url":""},"yoast_head":"\nAnd the GCC investments keep rolling on\u2026 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/and-the-gcc-investments-keep-rolling-on\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"And the GCC investments keep rolling on\u2026\" \/>\n<meta property=\"og:description\" content=\"ADP Group grabs majority stake in major local cargo firm: Abu Dhabi Ports (ADP) has reached an agreement to acquire a 70% stake in local shipping and logistics firm International Associated Cargo Carrier (IACC) for AED 514 mn (USD 140 mn), according to a press release by the Abu Dhabi Government Media Office. 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ADP would run the port under a usufruct contract.Third port\u2019s a charm: ADP has\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/165.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583647,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/adp-lands-30-year-contract-to-develop-and-operate-safaga-port-terminal\/","url_meta":{"origin":547657,"position":5},"title":"ADP lands 30-year contract to develop and operate Safaga Port terminal","author":"enterpriseam admin","date":"19 March 2023","format":false,"excerpt":"Cement export infrastructure and three cruise terminals are also in the works","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/portsaidterminal-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547657"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547657\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547658"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547657"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547657"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}