{"id":80432,"date":"2024-08-19T00:00:00","date_gmt":"2024-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/19\/ad-ports-noatum-maritime-takes-majority-stake-in-egypts-safina\/"},"modified":"2024-08-19T00:00:00","modified_gmt":"2024-08-19T00:00:00","slug":"ad-ports-noatum-maritime-takes-majority-stake-in-egypts-safina","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/19\/ad-ports-noatum-maritime-takes-majority-stake-in-egypts-safina\/","title":{"rendered":"AD Ports\u2019 Noatum Maritime takes majority stake in Egypt\u2019s Safina"},"content":{"rendered":"

AD Ports subsidiary Noatum Maritime has acquired a majority stake in <\/strong>Egyptian<\/strong> cargo services and maritime agency Safina BV<\/strong>, according to a statement<\/a> released on Friday. The agreement is set to close in 3Q 2024.<\/p>\n

The breakdown: <\/strong>Safina\u2019s founders will retain a minority stake in the combined entity and the firm will be rebranded as Noatum Maritime Egypt. Neither the value of the transaction nor the size of the stake being acquired was disclosed. <\/p>\n

(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Noatum will expand Safina\u2019s customer base:<\/strong> AD Ports plans to leverage Noatum\u2019s extensive international network to help Safina \u201caccess new customers from more diverse industries and strengthen its local presence,\u201d the statement said.<\/p>\n

About Safina:<\/strong> The shipping agency provides services and maritime logistics to shippers in the metals, minerals, and fertilizer industry, according to the statement. The firm is located across six strategic office locations and offers services across 15 Egyptian ports, including Sokhna, Adabiya, Damietta, Port Said and Alexandria, says the statement. <\/p>\n

What they said:<\/strong> \u201cThe move enhances our presence in key markets and enables us to strengthen our service offering across Egypt, the Middle East and North Africa, providing for greater flexibility and opportunities to meet our customers\u2019 needs,\u201d Noatum Martime\u2019s CEO Terry Gidlow said.<\/p>\n

More than acquainted:<\/strong> AD Ports purchased a 70% stake<\/a> in Safina\u2019s parent company, IACC Holdings, in 2022. IACC is also the parent of our friends at Transmar.<\/p>\n

Noatum is fairly new to the AD Ports family: <\/strong>Abu Dhabi-based AD Ports fully acquired<\/a> the Spanish logistics company back in July 2023 in a EUR 660 mn transaction as part of a wider expansion plan. Noatum is present in US, Chinese, and Southeast Asian markets. The subsidiary has since launched an office in Turkey<\/a> as part of its ongoing expansion across the MENA region. <\/p>\n

REMEMBER- AD Ports is doubling down on the Egyptian market: <\/strong>The acquisition of Safina comes shortly after AD Ports inked an agreement<\/a> in June to develop, operate, and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh, with USD 4.7 mn in investments over 15 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Safina\u2019s founders will maintain a minority stake in the company, and the firm will be rebranded as Noatum Maritime Egypt.<\/p>\n","protected":false},"author":1,"featured_media":80433,"comment_status":"","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":[941],"tags":[168,49,137,123,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-ad-ports","tag-egypt","tag-ma-watch","tag-shipping-maritime","tag-uae","wpautop","entry"],"acf":{"mongo_id":"e8a80426-30cf-4b68-a0ac-bb6b049a0e2c","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1640.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AD Ports\u2019 Noatum Maritime takes on a majority stake in Egypt\u2019s Safina","related_issue":[80428],"teaser":"Safina\u2019s founders will maintain a minority stake in the company, and the firm will be rebranded as Noatum Maritime Egypt.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.727a6404-1c9b-4975-a1c9-c04444ddb69c.mp3"},"yoast_head":"\nAD Ports\u2019 Noatum Maritime takes majority stake in Egypt\u2019s Safina - 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