AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, is to launch an offer to buy a controlling stake in one of the largest container terminal operators in Egypt, to expand the company's operations in the country.
As part of the deal, AD Ports will launch a cash mandatory tender to buy a stake of about 32 per cent in the Alexandria Container & Cargo Handling Company (ALCN), it said in a statement on Monday to Abu Dhabi Securities Exchange, where its shares are traded.
AD Ports will offer 22.99 Egyptian pounds ($0.48) per share, it added. The governmental shareholders, who hold most of the remaining shares in ALCN, will maintain their current respective shareholding stakes.
The latest offer comes after AD Ports last month bought a 19.3 per cent stake in ALCN from the Saudi Egyptian Investment Company, a wholly-owned unit of the Public Investment Fund of Saudi Arabia, through a block trade.
Set up in 1984 and listed on the Egyptian Stock Exchange, ALCN operates two terminals at the Alexandria and El Dekheila ports, with a combined container capacity of 1.5 million TEUs (twenty-foot equivalent units) and throughput of 1.07 million TEUs. The deal is expected to "complement" the expansion of AD Ports into Egypt and generate tangible financial returns for the company.
"This investment would support our efforts to facilitate trade through this vital corridor, while deepening our partnerships and expanding our investments in Egypt, one of our fastest growing foreign markets," said Capt Mohamed Al Shamisi, managing director and group chief executive of AD Ports.
The company is exploring financing options to fund the latest transaction, which is expected to close in the second quarter of next year, subject to regulatory approvals in Egypt.
Since 2022, AD Ports Group has invested significantly in the country, in container shipping, stevedoring – the process of loading and unloading cargo on to and from ships at ports – and terminal operations, as well as in maritime agency and cargo services.
In 2027, the group plans to inaugurate the $200 million Noatum Ports Safaga terminal, the first internationally operated multipurpose cargo terminal in Upper Egypt. AD Ports is also developing cruise terminals at the Red Sea ports of Safaga, Hurghada and Sharm El Sheikh.
This year, it signed a 50-year agreement to develop and operate Kezad East Port Said, a 20-square-kilometre industrial and logistics park near the Mediterranean mouth of the Suez Canal.
"Both Alexandria and El Dekheilla terminals are equipped to handle large container vessels and ALCN would benefit from AD Ports Group’s advanced technologies and best-in-class operational standards," AD Ports said.
Healthy balance sheet
ALCN has a healthy balance sheet, with $195 million net cash position as of June 2025, the statement said. In the 2024-2025 financial year, it reported $168 million in revenue.
Its terminals in Alexandria and El Dekheila have a total quay length of about 1.6km and are connected directly to Egypt’s national rail network. ALCN’s major customers include global shipping firms such as the Mediterranean Shipping Company, Evergreen Marine Corporation and Hapag-Lloyd.
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
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180 Petrofac employees laid off in the UAE
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Saturday (UAE kick-off times)
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Sunday
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Monday
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Paatal Lok season two
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
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Results
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Our legal columnist
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The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
