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UAE-based port operator AD Ports has inked a purchase agreement with Inveco, acquiring a 60% stake in Georgia’s Tbilisi Dry Port, a new custom-bonded and rail-connected intermodal hub under development in Georgia, according to a statement released on Friday. The project — slated to be operational by 4Q 2024 — will serve as a key component in the anticipated Middle Corridor, an emerging trade route linking manufacturing hubs in Western Asia to markets in Eastern Europe. No details regarding the investment ticket were disclosed in the statement.
The Middle Corridor, Enterprise? The 7k km corridor represents the shortest route connecting Asia to Europe and will require between 10 to 15 days to transit, the statement notes. The artery is projected to lend considerable growth in container volumes hitting some 1.9 mn TEUs by 2040.
The details: The project covers two land plots that will be developed over three phases, with the initial phase seeing a handling capacity of some 96.5k TEUs, 10k sqm of warehousing space, and car storage yards, the statement said. The third phase will see capacity boosted to 286k TEU, 100k sqm of warehousing space, and more expansive car storage yards. An additional 88k sqm of land is available for future expansion subject to volume growth.
More on the dry port: The intermodal logistics hub connects the Caspian Sea and Black Sea via Turkey, Georgia, and Azerbaijan, the statement said. The port will consist of a range of integrated facilities, including a container freight station, warehouses, and a car storage park, and will serve as an entry, exit, and regional transit point for manufacturers, shippers, and consignees moving containers, vehicles, and other merchandise for distribution and storage.
Who’s involved? AD Ports’ logistics subsidiary Noatum will operate and manage facilities at the port, while coordinating with partners Inveco and Wilhelmsen, the statement notes.
REMEMBER: AD Ports Group finalized its acquisition of Spain-based Noatum in mid-2023, after receiving regulatory greenlight, with the outfit being valued at EUR 660 mn at the time.
