AD Ports Group, the operator of industrial cities and free zones in the emirate, will acquire a 70 per cent stake in Egypt's International Associated Cargo Carrier for Dh514 million ($140m) as it seeks to expand its footprint in the Arab world’s most populous country and the wider region.
IACC, an investment company, owns two Egypt-based maritime companies, Transmar International Shipping and Transcargo International (TCI).
The El Ahwal family and their executive team will remain in management of the two companies after the transaction, Abu Dhabi Ports said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.
“This is the first overseas acquisition in AD Ports Group’s history, and an important milestone in our ambitious international expansion plan,” AD Ports Group chairman Falah Al Ahbabi said.
“This acquisition will support our wider growth targets for North Africa and the Gulf region, and broaden the portfolio of services we are able to offer in those markets.”
Established in 2006, AD Ports Group owns and operates 10 ports in the UAE, including Khalifa Port, Zayed Port, Mussaffah Port, Fujairah Terminals, Community Ports, Kamsar Port and the Abu Dhabi Cruise Terminal, as well as a terminal in Guinea.
It also manages more than 550 square kilometres of industrial zones and an end-to-end logistics business, besides offering a range of maritime services.
ADQ, one of the region’s largest holding companies, remains the majority shareholder in AD Ports Group, with a 75.42 per cent stake.
AD Ports Group, which made its debut on the ADX in February after raising Dh4 billion from its share sale, is looking to expand globally.
Last September, the company signed partnership agreements with the Aqaba Development Corporation in Jordan to develop tourism, logistics, transport and digital infrastructure in the Jordanian coastal city.
The acquisition of the Egyptian companies will be fully funded from AD Ports’ existing cash reserves, which stood at more than Dh3bn as of March 31, the company said.
This acquisition is the latest in a series of deals by AD Ports in the Egyptian maritime industry, including agreements with the Egyptian Group for Multipurpose Terminals in March to jointly develop and operate Ain Sokhna Port on the Gulf of Suez.
AD Ports also signed an agreement with the Egyptian Group for Multipurpose Terminals and the River Transport Authority in March to collaborate on three projects — building and operating a river port in Minya, managing and operating warehouses in Damietta and equipping, managing and operating passenger lines in Greater Cairo.
It also signed a deal with the Egyptian Group for Multipurpose Terminals in November last year to develop and operate a multipurpose terminal at Safaga Port on the Red Sea, in addition to an agreement signed in September with the General Company for Ports of Iraq to explore investment opportunities in the country.
“AD Ports Group continues to build up our presence in Egypt as part of our wider strategy for global expansion,” Capt Mohamed Al Shamsi, managing director and group chief executive of the AD Ports Group, said.
“The acquisition of Transmar and TCI, which both have strong regional presence and deep client relationships, is another key step in increasing our geographical footprint.”
AD Ports Group continues to build up our presence in Egypt as part of our wider strategy for global expansion
Capt Mohamed Al Shamsi,
managing director and group chief executive of AD Ports Group
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and eastern coast of Africa. In 2021, Transmar handled 109,000 twenty-foot equivalent units (TEUs).
TCI is a terminal operator and stevedoring — cargo loading and offloading — company, mainly operating out of the Adabiya Port. Its two lines of business are container and bulk cargo services, AD Ports said. In 2021, TCI handled 92,500 TEUs and 1.2 million tonnes of bulk cargo.
Cumulatively, Transmar and TCI reported revenue and earnings before interest, taxes, depreciation and amortisation of Dh325m and Dh108m, respectively, AD Ports said.
“Egypt and the Red Sea coast are increasingly important parts of our global maritime offering, and we believe we are well-placed to boost trade and economic growth for customers and communities along these routes,” Mr Al Shamsi said.
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Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The National selections
Al Ain
5pm: Bolereau
5.30pm: Rich And Famous
6pm: Duc De Faust
6.30pm: Al Thoura
7pm: AF Arrab
7.30pm: Al Jazi
8pm: Futoon
Jebel Ali
1.45pm: AF Kal Noor
2.15pm: Galaxy Road
2.45pm: Dark Thunder
3.15pm: Inverleigh
3.45pm: Bawaasil
4.15pm: Initial
4.45pm: Tafaakhor
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Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
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England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
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The specs
Engine: 2x201bhp AC Permanent-magnetic electric
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Power: 402bhp
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Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
6 UNDERGROUND
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F1 The Movie
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Director: Joseph Kosinski
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
The specs
Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power: 1877bhp
Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
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Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles
Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox
