Ajman Port to get an AED 1bn revamp: The Ajman Ports and Customs Department inked an MoU with Hong Kong-based logistics firm Hutchison Port Holdings (HPH) to expand and establish the infrastructure at the port, according to a statement. The pair will plug a joint investment ticket of AED 1 bn into the project. The timeline for the project was not disclosed.

What we know so far: HPH will operate, manage, and develop the port under a 15-year concession period. Under the agreement, the two parties will develop a strategic plan for the project to boost performance, safety, and operational efficiency, and attract new shipping lines. The project will also aim to integrate AI-powered programs to streamline operations at the port.

Long-time friends: The Hong Kong-based operator first inked an agreement with Ajman Port Authority to operate the port’s container terminal for a 10-year concession period under its subsidiary Hutchison Ajman International Terminals (HAJT) back in 2011. HAJT took over management at the port effective from 2012.

About Ajman Port: The port — nestled nearly 25 km from Dubai and 10 km from Sharjah — serves as a key maritime hub for local export and import flows and hosts prominent manufacturing and trading firms. The container terminal spans some 12.9 hectares and has a total quay length of about 1.3 km.

Not HPH’s first port development venture in UAE: The firm inked a 25-year concession agreement with Ras Al Khaimah Ports (RAK) to develop a 350k TEU capacity container terminal at Saqr Port back in 2017. RAK extended HPH’s contact last month — with the firm set to continue offering its services at the port until 2037.

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SOFAZ invests USD 50 mn in AGPA through Lunate: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) invested USD 50 mn in Adnoc’s gas pipeline unit, Adnoc Gas Pipeline Assets (AGPA), through a Lunate -managed investment fund, according to a press release published on Thursday. The gas pipeline infrastructure network is subject to a long-term usage agreement between AGPA and Adnoc.

Broadening investor base? Global Infrastructure Partners (GIP), the unit’s largest foreign stakeholder, was said last year to be working with advisors to gauge interest in its holding in AGPA. A GIP-led consortium owns 49% of the company after a transaction back in 2020 that valued the entire network, including debt, at almost USD 21 bn.

Lunate ? Adnoc: Lunate was reported earlier this year to be eying a 6% stake acquisition in the gas pipeline unit from Italian gas network operator Snam SpA. The value of the acquisition has not been disclosed, but Italian investment bank Mediobanca estimated that the stake could be valued at USD 200 mn, with a book value of EUR 135 mn. Lunate previously acquired a 40% stake in AGPA from BlackRock and KKR & Co. last year.

About Adnoc Gas Pipelines: The Adnoc subsidiary’s portfolio includes a network of 38 gas pipelines spanning 982 km across the UAE, including 12 pipelines dedicated to sales, 15 for gas injection, and 11 for natural gas liquids.

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