AD Ports secures Cameroon gateway with 30-year Douala concession

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WHAT WE’RE TRACKING TODAY

TODAY: AD Ports takes 51% of Cameroon’s most critical maritime hub

Good morning, ladies and gents. We’re deep into the pre-Ramadan rush, and the region’s energy players and logistics giants aren’t exactly winding down for the short hours just yet. The theme of the day is outward expansion and high-stakes infrastructure.

The big story today? AD Ports is planting a flag in West Africa. The logistics giant just locked in a 30-year concession to develop and operate a new dry bulk terminal at Cameroon’s Douala Port — a move that adds to its growing Africa portfolio as it vies to dominate the corridor.

The big logistics story abroad

United Airlines is dropping Airbus’ A350 jet from its fleet plan amid Rolls-Royce feud: United Airlines has moved to remove the Airbus A350-900 from its long-term fleet delivery schedule, signaling a potential cancellation of its long-delayed order for 45 of the widebody jets. The decision followed a court filing by the airline, which claimed that UK-based Rolls-Royce — the sole engine provider for the A350 — is in breach of a 2010 agreement concerning engine purchases.

We’ve reached a tipping point: United Airlines is requesting a refund of the USD 175 mn commitment it made out to the engine provider in 2017, according to its 10-K filing (pdf). Rolls-Royce has denied the breach, terminated the agreements, and countersued United for damages. Airbus has declined to comment.

Background: United Airlines expanded its Airbus order to 45 jets in 2017 –– valued at some USD 14 bn –– which has since been repeatedly delayed or deferred. Deliveries were expected to begin in 2022, but have since been pushed back.

Watch this space

INVESTMENT — BlueFive Capital’s new target is the hot jet-leasing market: Abu Dhabi-based PE firm BlueFive Capital has launched BlueFive Leasing, a Muscat-based aircraft leasing and asset management platform. The new platform’s first order of business will be the launch of BlueFive Wings Fund I, targeting USD 1 bn in commitments, in collaboration with an unnamed Omani sovereign institution.

The timing is right: There is rising regional and global demand for jet leases as carriers resort to rented aircraft to boost their fleets. The pivot to leases is further powered by entrenched supply chain snags and industry-wide delivery delays, coupled with unprecedented demand for passenger and cargo capacity.

AVIATION — EgyptAir is set to add 12 new aircraft to its fleet this year, including the addition yesterday of its first Airbus A350-900 aircraft, according to a statement from the Civil Aviation Ministry. Egypt’s flagship carrier plans to add 34 new planes from the A350-900 and Boeing 737-8 Max families to its fleet by 2031, including 13 new aircraft in 2027.

Why it matters: The move aims to support the country’s goal of seeing some 30 mn tourists land in Egypt in 2030, over double the amount recorded last year. However, there are obstacles to building a fleet beyond getting funds ready, with airlines globally facing an aircraft shortage due to manufacturers — particularly engine builders — struggling to keep up with demand due to supply chain issues and a lack of skilled labor.

TRADE — Cyprus has agreed to bankroll the USD 2 bn pipeline connecting its Aphrodite field to liquefaction facilities in Egypt, a government official tells EnterpriseAM. Cypriot negotiators had initially been pushing for a 50:50 split, but agreed to cover the costs in exchange for utilizing Egyptian infrastructure, including its regasification vessels and liquefaction plants.

Why this matters: With domestic production slumps proving hard to turn around, securing flows from Aphrodite’s estimated 3.5 tcf of reserves will be critical for Egypt to ensure that its energy export hub plans will one day see the light of day.

What’s next? Construction on the pipeline is expected to start in 2027 with gas flows planned to start flowing in 2030, our source tells us. And in the near term, keep your eyes peeled for this year’s Egypt Energy Show in late March, which is expected to be accompanied with some big announcements on our gas re-export ambitions with Cyprus.

Market watch

Oil prices steadied this morning as traders weighed US-Iran talks against looming Opec+ supply increases, Reuters reports. Brent crude futures inched up USD 0.03 to trade at USD 69.78 / bbl as of 03:58 GMT, while US West Texas Intermediate (WTI) was up USD 0.02 to USD 62.91 / bbl.

In other closer-to-home news: Opec+ appears set to increase oil production starting in April, Reuters reports, citing three Opec+ sources. The move would help Saudi Arabia and the UAE reclaim market share, while other members, including Russia and Iran, grapple with sanctions, and Kazakhstan faces production challenges. The eight key producers meet on 1 March to finalize the next steps.

Restarting the increase: The group raised output by 2.9 mn bbl / d from April through December but held off on further increases during the slower winter months.

The Baltic Index slightly slips: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 0.6% to 2,083 points on Friday, its highest since mid-December. The capesize dropped 1.9% to 3,181 points, while the panamax index inched 0.6% to 1,743. Meanwhile, the smaller supramax index rose 1.8% to 1,186.

The Drewry World Container Index decreased by 1% to USD 1,933 per 40-ft container last week, according to the latest index readings. The decline is driven by a drop across the transpacific and Asia-Europe rates, especially the Shanghai-New York (1%), Shanghai-Los Angeles (1%), and Shanghai-Rotterdam (2%) routes, as demand softened ahead of factory shutdowns.

A further decline is expected over the next few weeks, according to Drewry. A decline is in line with forecasts of a supply glut in 2026 and 2027 that could drive a sharp dip in shipping prices, as the potential full return to the Suez Canal meets a record-breaking wave of new ship deliveries, shipowner association Bimco previously said in a report seen by EnterpriseAM.

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AD Ports lands a 30-year Douala terminal concession

AD Ports Group is taking a majority stake in a 30-year concession to develop a new dry bulk terminal at Cameroon’s Douala Port, according to a press release (pdf). The port giant will plan, construct, and operate the terminal, with construction slated to start this year and be completed in 2028. AD Ports is working with the Port Authority of Douala on the project, which marks a major expansion of its footprint in Cameroon.

Douala? Handling about 80% of the country’s bulk cargo and 85% of national trade volumes, Douala is Cameroon’s largest maritime gateway. It also acts as a transit point for landlocked markets in Central Africa.

The ownership structure: The ADX-listed operator, along with two other unspecified UAE investors, will have a 60% stake in the eventual firm operating the port. Africa Ports Development, which previously inked a concession agreement for the construction of a terminal at Douala, will take the remaining 40% stake. The structure gives AD Ports 51% effective interest, the statement said.

AD Ports expects to commit around AED 320 mn for the first phase. The initial build-out will include two berths and about 450 meters of quay wall, designed to handle roughly 4 mn tons of cargo a year, including clinker, gypsum, fertilizer, and grain.

Why it matters

The move builds on the firm’s expansion in Africa — adding to its existing logistics portfolio in Egypt, Angola, Tanzania, and the Republic of Congo. Just this month, it agreed to explore developing and operating a multipurpose terminal at Matadi Port — the Democratic Republic of Congo’s (DRC) primary Atlantic gateway — as it looks to deepen its footprint in the continent.

Why now? AD Ports is going beyond just expanding into Africa — they are securing key gateways to the Atlantic: first with Matadi in the DRC earlier this month and now with Douala. The move signals that we could be witnessing a shift from their traditional Red Sea and East Africa stronghold toward other untapped markets on the continent.

Location, location, and location

Another piece of the raw earth puzzle? Cameroon is sitting on massive mineral volumes that have remained largely untapped due to a lack of infrastructure. This terminal could act as an export ramp for mining projects coming into fruition over the next two years. By committing to a dry bulk terminal specifically designed for things like clinker, gypsum –– and while not disclosed, potentially minerals –– AD Ports is positioning itself as the gatekeeper for Cameroon’s transition from an agricultural exporter to a mineral powerhouse.

UAE logistics giants post a mixed bag of FY 2025 earnings

Talabat reports solid 4Q 2025 results

Talabat saw its adjusted net income come in at USD 124 mn in 4Q 2025, marking a modest 1% y-o-y jump, according to its earnings release (pdf). Management revenues were up 26% y-o-y to USD 1 bn. Gross merchandise value rose 21% y-o-y during the quarter to USD 2.5 bn, Talabat said in the release.

For the full year, Talabat saw its net income jump 15% y-o-y to USD 451 mn and management revenues increased 31% y-o-y to USD 3.9 bn.

Looking ahead: “As we enter 2026, we are now taking a deliberate step to invest more in our business with the full support of our Board. We have earmarked more than USD 100 mn in ecosystem investments for 2026,” Talabat CEO Toon Gyssels said.

AD Ports reports increases across the board

AD Ports Group saw a 18% y-o-y jump to AED 584 mn in its bottom line in 4Q 2025, according to an earnings release (pdf). The firm’s top line posted a 30% y-o-y climb to AED 6 bn during the same period.

Full-year 2025 stayed in the same lane: The group reported a 17% y-o-y rise to AED 2.1 bn in net income in FY 2025, while its revenues saw a 20% y-o-y increase to AED 20.8 bn during the same period.

By the segment:

Revenues from the group’s port clusters rose 21% y-o-y to AED 2.9 bn in FY 2025 — driven by growth in international container operations, bulk and general cargo, as well as higher container concession fees from UAE operations, supported by the ramp-up of CMA terminals at Khalifa Port;
Maritime and shipping revenue climbed 33% y-o-y to AED 10.7 bn — led by growth across business segments;
The economic cities and freezones sector recorded a 45% y-o-y rise in revenues to AED 2.9 bn — on the back of its AED 2.5 bn land sale agreement to Mira Developments and AED 570 mn sale of two built-to-suit warehouses to Aldar;
The logistics segment’s top line fell 6% y-o-y to AED 4.4 bn in 2025 — on the back of a softer freight forwarding market and the reclassification of Sesé Auto Logistics out of the cluster.

Abu Dhabi Aviation posts a mixed bag of earnings

Abu Dhabi Aviation reported a 17.5% y-o-y fall in its bottom line to AED 1 bn in FY 2025, according to an earnings release (pdf). The firm’s top line rose 9.9% y-o-y to AED 7.8 bn — driven by a surge in general aviation revenue to AED 1.2 bn from AED 761 mn a year earlier.

Behind the numbers: The firm’s reported net income came in lower than the prior year’s AED 1.3 bn, largely because FY 2024 included a one-off AED 596.8 mn gain tied to its reverse acquisition transaction with ADQ Aviation. Take that out, and the operating picture looks firmer, with gross income rising to AED 1.4 bn from AED 918.6 mn.

Leadership reshuffle at DP World

DP World names a new CEO and Chairman: DP World has appointed Yuvraj Narayan (LinkedIn) — who is stepping up from group chief financial officer — as group chief executive officer (CEO) after long-serving CEO Sultan Ahmed bin Sulayem resigned with immediate effect, according to a press release. The firm has also tapped Essa Kazim (LinkedIn) — who serves as governor of DIFC and chairman of Borse Dubai — as chairman.

The timing isn’t coincidental: The change follows the release of US Justice Department files that referenced bin Sulayem in connection with the late financier and convicted [redacted] offender Jeffrey Epstein, intensifying governance scrutiny. Two of DP World’s international partners — British International Investment (BII) and CDPQ — suspended future investment deployments in joint projects following the disclosures.

Another ports reshuffle in Dubai

From DP to PCFC: Dubai Ruler Mohammed bin Rashid Al Maktoum has issued a decree appointing Abdulla bin Damithan (LinkedIn) as chairman of the Ports, Customs, and FreeZone Corporation (PCFC), according to Dubai Media Office.

The profile: Bin Damithan currently oversees DP World’s GCC operations across ports, economic zones, marine services, and trade solutions. A company veteran since 2001, he previously served as CEO and managing director of DP World UAE, leading strategy across the group’s core regional markets.

Adnoc’s XRG inks JDA for Argentina’s LNG

Adnoc’s International investment arm XRG, Argentina’s YPF, and Italy’s Eni will start front-end engineering design and related work for an Argentina LNG project under a joint development agreement, according to a statement from Eni. The move steps up the non-binding agreement inked back in November to explore joining the venture.

The total financing needed for the project is pegged at USD 12.5 bn, according to Reuters ’ earlier reporting. The next milestone is lining up offtake and financing, clearing the path for a final investment decision.

The plan: The project is set to export gas from the Vaca Muerta formation, the world’s second-largest unconventional natural gas reserve, through a pipeline, and will involve the installation of liquefaction units. The initial phase of the project is expected to deliver 12 mn tons per annum (mtpa) of LNG production capacity through two 6 mtpa FLNG vessels.

Safran is pacing A320 supply by landing gear line in Morocco

French aerospace group Safran is doubling down on Morocco as a nearshore aviation manufacturing hub — earmarking EUR 280 mn for a new landing gear plant in Morocco that will feed the Airbus A320-family supply chain. Production at the plant is slated to commence in 2029.

Is Morocco turning into Airbus’s back office? Safran is planning a Casablanca assembly line for Leap-1A engines dedicated to Airbus jets, with an investment of EUR 200 mn. The 13k sqm facility will accommodate a scheduled ramp-up in Safran’s production, with capacity to handle 350 engines annually. It is also expected to launch by the end of 2027.

Casablanca cares for the A320 engines, too: The French aviation firm has inaugurated a Leap engine MRO facility in the Casablanca airport zone — pouring about EUR 120 mn in a 25k sqm facility designed to handle 150 engines per year. The CFM engine powers both the Airbus A320neo and the Boeing 737 Max.

Hapag-Lloyd lands a terminal in Egypt’s Damietta port

Shipping giant Hapag-Lloyd launched its new Damietta Alliance ContainerTerminals in Egypt on Saturday, marked by the inaugural port call of the 13k TEU vessel Essen Express. The new 93-hectare terminal — a joint venture between Hapag-Lloyd, Eurogate, and Contship Italia — will serve as a high-tech transshipment hub in the Eastern Mediterranean. The terminal is expected to reach full operations by late 2026.

More than just a terminal: The facility is a pillar of Gemini Cooperation’s regional strategy, which is set to shift logistics weight toward Damietta as a primary transit point for the Levant and the Black Sea. With 80% of its 3.3 mn TEU capacity dedicated to transshipment, the terminal aims to provide high-frequency connections for global trade lanes while using hybrid and electric equipment to meet new environmental standards.

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