AD Ports Group, the operator of industrial cities and free zones in the emirate, has bought an 80 per cent stake in a Dubai-based global container shipping company as it continues to focus on boosting its portfolio and expanding its fleet.
The Abu Dhabi company acquired Global Feeder Shipping for Dh2.9 billion ($800 million), implying a 100 per cent enterprise value of Dh3.7bn.
The deal will be funded through an acquisition loan, AD Ports Group said in a filing on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
The “value-accretive strategic investment significantly broadens AD Ports Group’s global feeder shipping footprint and contributes to its long-term strategy to become one of the world’s premier short-sea and feeder shipping players”, the company said.
GFS has one of the largest fleets of container ships globally, operating 26 owned and operated vessels with a total capacity of 72,500 twenty-foot equivalent units (TEUs) across the Middle East, the Indian subcontinent and South-East Asia.
The company's revenue in the last twelve months stood at $1.08bn while net profit was $481m.
AD Ports Group plans to integrate GFS into its maritime cluster, which already offers a comprehensive portfolio of shipping, offshore and subsea services.
“Aligning GFS services with Safeen Feeders and Transmar will make AD Ports Group the largest single provider of feeder shipping services in the region, with a fleet of 35 vessels and [the] third largest globally by volumes carried, with a total container capacity of 100,000 TEUs,” it said.
AD Ports Group established Safeen Feeders in 2020 to improve trade connectivity between the region’s ports.
“Our acquisition of a majority stake in GFS, which is the largest external investment in our company’s history, will deliver a step-change in the range of services we can offer and significantly enhance our global connectivity,” said AD Ports Group chairman Falah Al Ahbabi.
“Our ambition is to become one of the world’s leading shipping companies, offering the most comprehensive range of maritime services, and this investment moves us significantly closer to achieving that goal.”
The transaction is expected to close in the first quarter of 2023, subject to regulatory approvals. GFS’s existing management will remain in place, with the founders retaining a 20 per cent stake in the company, according to the regulatory filing.
Citi acted as the financial adviser and A&O as the legal adviser while Roland Berger completed the commercial due diligence on the transaction.
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.
The company continued to expand its operations and signed a number of new deals in recent times.
In August, it signed a preliminary agreement with India's Adani Ports to explore joint investment opportunities in Tanzania.
It is also collaborating with Hong Kong-based Hutchison Ports to identify business opportunities in feedering, logistics and port activities across the GCC, Africa and Asia in the maritime and logistics sector.
It also plans to expand its presence in Egypt and is developing and operating a multipurpose terminal at Safaga Port, in partnership with the Egyptian Group for Multipurpose Terminals, on the Red Sea.
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
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UAE currency: the story behind the money in your pockets
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
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
November 2025
180 Petrofac employees laid off in the UAE
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RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
