Abu Dhabi Ports Group, which operates ports, industrial cities and free zones in the emirate, has acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider.
The 100 per cent acquisition will be fully funded from AD Ports Group’s existing cash reserves, the company said in a statement on Monday.
Divetech, which offers services including installation, inspection, repair and maintenance for ports and other maritime organisations, posted revenue of Dh87 million ($23.7m) and Ebitda of Dh20m in 2021.
The acquisition “represents an important strategic opportunity for growth” that will enable AD Ports to “integrate a dynamic company with a significant pipeline of potential new business”, said Capt Mohamed Al Shamisi, managing director and group chief executive of AD Ports Group.
“This acquisition also enables our maritime cluster to provide a fully holistic service offering that includes undersea inspection, maintenance and repair.”
AD Ports Group, which made its debut on the Abu Dhabi Securities Exchange earlier this month, raised Dh4 billion from its share sale.
Its portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within ZonesCorp and Khalifa Industrial Zone Abu Dhabi.
The company is looking to expand its operations and recently announced plans to develop one of the region’s largest food trading and logistics centres at Kizad to boost food security.
The project, being developed in partnership with the UAE’s Ghassan Aboud Group, is expected to be ready in 18 months and will provide a platform for importers and exporters of food as well as logistics companies to expand their businesses in the region.
In December, AD Ports Group signed an agreement with China’s Shandong Port Group to establish the region’s first tyre storage and distribution centre.
The acquisition of Divetech by AD Ports Group will extend the range of services offered by its maritime cluster, “placing it in a strong position to generate significant commercial, operational and financial synergies”, the statement said.
“This acquisition provides a strong strategic fit for our existing portfolio of services and our plans for growth,” said Capt Maktoum Al Houqani, chief corporate authority officer and acting head of maritime cluster at AD Ports Group.