AD Ports Group’s digital arm Maqta Gateway is buying TTEK, a developer of border control solutions and customs systems, for $26.7 million to expand its digital trade solutions portfolio.
Maqta Gateway is acquiring 100 per cent of TTEK with an up front payment of $17.1 million, AD Ports said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
TTEK’s solutions use more than 1.5 million risk indicators and artificial intelligence predictive modelling to enhance border security controls and support customs and immigration agencies.
Maqta Gateway aims to leverage TTEK’s research and development centre in Vietnam and its extensive expertise in customs and border modernisation solutions across Africa, Middle East, North America and Australia to strengthen its service offering, the statement said.
“TTEK’s existing trade expertise in the Middle East supports the Group’s ambition to widen its digital trade solutions within the region,” Capt Mohamed Al Shamisi, managing director and group chief executive of AD Ports Group, said.
“The near-term pipeline includes international markets that are strategically important to the Group.”
Established in 2006, AD Ports Group, which owns and operates 10 ports in the UAE, has been expanding its operations globally.
Last month, it signed a 30-year concession agreement with Egypt's Red Sea Ports Authority to develop and operate a multipurpose terminal at Port Safaga to boost operations in the country.
In January, the company signed a partnership with Kazakhstan's state energy company KazMunayGas and a preliminary accord with the country's Ministry of Industry and Infrastructural Development to co-operate in the development of a national marine fleet and coastal infrastructure in the Caspian and Black Seas.
Earlier this month AD Ports signed a funding deal worth $2 billion with a syndicate of 13 regional and international banks to strengthen its financial position.
TTEK, which has its headquarters in Barbados, is on track to deliver revenue of about $8.2 million and earnings before interest, taxes, depreciation and amortisation of about $2.3 million for the financial year 2023, the statement said.
The deal is subject to completion of condition precedents within the next 45 days.
TTEK’s management will be locked in for a period of two years after the transaction, the statement added.
“Incorporating TTEK’s cutting-edge predictive-technology-based solutions into our Single Window solution will improve border security, trade facilitation, customs revenue management and more, thereby strengthening the group’s value proposition as a Single Window solution provider,” said Noura Al Dhaheri, chief executive of digital cluster and chief executive of Maqta Gateway, AD Ports Group.
“Maqta Gateway will continue to pursue opportunities that contribute to the group’s overall integrated digital trade strategy.”
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
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