{"id":584041,"date":"2023-03-26T00:00:00","date_gmt":"2023-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/abu-dhabi-ports-bids-for-state-owned-port-operators-al-mal\/"},"modified":"2023-03-26T00:00:00","modified_gmt":"2023-03-26T00:00:00","slug":"abu-dhabi-ports-bids-for-state-owned-port-operators-al-mal","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/abu-dhabi-ports-bids-for-state-owned-port-operators-al-mal\/","title":{"rendered":"Abu Dhabi Ports bids for state-owned port operators -Al Mal"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Is ADP eyeing stakes in Port Said + Damietta container and cargo handling?<\/span><span>Abu Dhabi <\/span><span>Ports (ADP) has<\/span><span style=\"\"> reportedly submitted an initial offer to acquire a controlling stake in state-owned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.pscchc.com\/\" style=\"\">Port Said Container and Cargo Handling<\/a><\/span><span style=\"\"> (PSCCHC) and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/dchc.com.eg\/\" style=\"\">Damietta Container and Handling<\/a><\/span><span style=\"\"> (DCHC), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Z6YOfF\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\"> 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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ADP\u2019s bid would rival an offer from Qatar\u2019s SWF:<\/span><span style=\"\"> The Qatar Investment Authority\u2019s<\/span><span style=\"\"> investment arm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mahacapital.com\/\" style=\"\">Maha Capital Partners<\/a><\/span><span style=\"\"> had submitted an offer to acquire stakes in the two terminal operators <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/31\/investment-banks-eye-terminal-operator-ipos-and-qatars-swf-is-looking-for-a-strategic-stake-94977\/\" style=\"\">in January<\/a><\/span><span style=\"\">. The negotiations with Qatar <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/el-said-calls-on-qataris-to-invest-adq-said-to-be-mounting-rival-bid-to-qias-vodafone-egypt-acquisition-95853\/\" style=\"\">have stalled<\/a><\/span><span style=\"\"> 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.<\/span><span style=\"\">Qatar had inked an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/19\/qatar-eyes-investment-in-egypts-container-terminals-81460\/\" style=\"\">MoU<\/a><\/span><span style=\"\"> to invest in Egypt\u2019s port infrastructure, a few months after <\/span><span>pledging to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/03\/30\/qatar-to-invest-usd-5-bn-in-egypt-cemex-harmony-gold-to-invest-more-here-67923\/\" style=\"\">invest USD 5 bn<\/a><\/span><span> into the economy <\/span><span>to help shield the country from the fallout from the war in Ukraine.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"\"> ADP\u2019s offer will be presented to the board of PSCCHC and DCHC\u2019s parent <\/span><span>company, the Holding Company for Maritime Transports, Al Mal\u2019s sources said, without <\/span><span style=\"font-weight:400;\">providing further information on the expected timeline of the negotiation process. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ADP is no stranger to the Egyptian market:<\/span><span style=\"\"> ADP signed a concession agreement<\/span><span style=\"\"> earlier this <\/span><span>month to develop and operate a container terminal at Safaga Port for <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/19\/adp-lands-30-year-contract-to-develop-and-operate-safaga-port-terminal-100538\/\" style=\"\">USD 200 mn<\/a><\/span><span>. The Emirati <\/span><span>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 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/09\/15\/one-more-gulf-acquisition-in-the-bag-kuwaits-sovereign-fund-joins-the-party-81235\/\" style=\"\">International Associated Cargo Carrier<\/a><\/span><span style=\"font-weight:400;\"> for USD 140 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MEANWHILE- ADP is also eyeing a project in East Port Said Port: <\/span><span style=\"\">ADP has inked a MoU <\/span><span>with the Suez Canal Economic Zone to develop and operate a multi-purpose container terminal <\/span><span>in East Port Said Port, the<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid023GcK7rhV8c8EPocBmyseQ6GbLLRJiVsYfeNCC2yNjutxuSrFayRPwdszfkALuN3Vl\" style=\"\">SCZone said<\/a><\/span><span style=\"\"> last week.<\/span><span>. 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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Talks with the Qatar Investment Authority for the companies have stalled<\/p>\n","protected":false},"author":1,"featured_media":584042,"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":[7321],"tags":[600,10586,72,7111,7128,10587,81,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-abu-dhabi-ports","tag-damietta-container-and-handling","tag-enterpriseam","tag-infrastructure","tag-ma-watch","tag-port-said-container-and-cargo-handling","tag-privatization-watch","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"f5626f0c-d2bc-4eef-9533-55d89f18e0ed","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/425.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi Ports bids for Port Said and Damietta port operators -Al Mal","related_issue":[584030],"teaser":"Talks with the Qatar Investment Authority for the companies have stalled","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.ecff1556-cb09-439e-a216-1225e7a03cf8.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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