It’s a big day for Emirati port operators, with AD Ports, DP World, and Gulftainer all making inroads overseas, whether through acquisitions, new maritime links, or concession agreements.

AD Ports plans to raise its stake in Alexandria Container and Cargo Handling Company to become a majority shareholder as it gears up to place a mandatory tender offer to buy an additional stake of nearly 32% as a minimum, the ADQ-owned ports operator said in a statement.

The ADQ-backed player, which already owns 19.33% of ACLN, is offering to buy up to 90% of the company at EGP 22.99 a pop, according to a separate bourse disclosure (pdf), and is penciling in a 3% boost to group revenue from the acquisition, set to close in 2Q 2026.

The devil is always in the detail — a large part of the transaction may be AD Ports bringing its indirect stakes in-house. The additional stake on top of the 19.3% it acquired last month from a unit of Saudi’s PIF is 32% — the same amount it indirectly owns through Alpha Oryx. AD Ports confirmed that government shareholders that own over 40% of the port operator will “maintain their current respective shareholding stakes.”

The price is a markdown: At EGP 22.99 a share, the offer implies a 4.2% markdown to ACLN’s Thursday price of EGP 23.95 — its last close before the transaction was announced on Sunday.

Keep an eye out: The transaction is expected to come to fruition in 2Q 2026.

Why it matters

This is the latest step in AD Ports’ steady buildout of Egypt’s logistics corridor. The firm took a majority stake in Safina Shipping Services last year, secured a long-term concession for the USD 200 mn Safaga terminal, signed a 50-year renewable agreement to develop and operate Kezad East Port Said at Suez Canal, and is expanding its cruise and port footprint along the Red Sea coast.

Taking control of ACLN would plug AD Ports into the country’s primary Mediterranean gateway linking Suez Canal traffic with Egypt’s industrial and consumption base, and bring 60% of Alexandria’s container capacity — which spans two container terminals at Alexandria and El Dekheila ports with a combined annual capacity of 1.5 mn TEUs — under its umbrella.

Our take

The port operator has been monetizing non-core assets as it looks to strengthen its balance sheet and reinvest capital into growth and expansion of its logistics, infrastructure, and trade projects.

Next stop, Kuwait?

Next stop for AD Ports looks to be Kuwait, after the port operator signed an MoU with Kuwait Ports Authority to look into developing the country’s Shuaiba Port and operating its container terminal, according to a statement. The project is still in its feasibility study phase.

Meanwhile, DP World boosts links to Iraq and Gulftainer eyes Uganda

Meanwhile, DP World is expanding its links to Iraq. The company is now offering a quicker alternative to overland trucking between the UAE and Iraq by launching a new 36-hour maritime service linking Dubai’s Mina Rashid to Iraq’s Umm Qasr Port, it said in a statement. The route transports non-containerized, full-trainer units — with drivers onboard — and holds up to 145 trailers per sailing.

Also making an overseas play: Sharjah-based Gulftainer is finalizing a concession agreement to operate Uganda’s first rail-connected dry port, which would see it build and run the inland terminal that connects to the upcoming Standard Gauge Railway, it said in a statement.

The firm is testing the waters in landlocked Africa, where rail and road connectivity are key to reaching ports in neighboring countries. With no existing assets on the continent to leverage, Gulftainer’s move into Uganda could signal a niche expansion into interior logistics infrastructure on the continent — in contrast to other UAE logistics majors, like DP World and AD Ports, which are growing their presence in African seaports.

AND- IHC is investing further in its commodities trading unit

International Holding Company (IHC) lifted its 22.5% stake in ADX-listed agro-food and commodities trader Invictus Investment to about 40% via an AED 420 mn block trade, according to a press release (pdf). The transaction value implies an AED 2.4 bn valuation for Invictus at the time of the acquisition.

Invictus’ top line rose 43% y-o-y to AED 6.1 bn in 1H — its strongest half since listing — and it also scaled to 10 new markets, bringing its presence to 65 countries. Invictus’ shares gained 2.5% yesterday to close at AED 2.44.

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